Loading ...First Majestic Backtested for Second Time Creating Bullish Flag on top of Major Support
Everything pulled back. Maybe this is it though.
This is my favorite chart right now. Can’t believe it Backtested twice…. but then again everything takes longer than one thinks when it comes to charting. Should have known…
Definitely a GREAT area to LOAD UP! Buy low, sell high.
You have built in stop loss areas just below all the major support.
Good luck…
Because it’s PM’s, it will be a fake break out and crash back into the pattern for another decade of consolidating.
Great setup! Thanks.
Good observations in both your posts PC. I haven’t followed AG in some time and not my favorite but I believe you have identified an optimum entry point. Filled the gap at 14 right near the 200 day and is oversold. Your analysis is well taken and one playing this should have a good risk/reward trade. The price action in the metals has been maddenly frustrating. I believe today will be positive and constructive but they will probably save any breakout for Monday. Over the last few weeks you seem to get nice pops on the first day of the week only to see pullbacks afterwards. Next week should break the script. Strength Monday, usual pullback for 1-2 days and hopefully a followup breakout that ends the week strong and on or near it’s higher highs.
Wow…great chart Sir Chuck
Don’t be a stranger
I ‘m not so positive…but If you will be proven right I will organize a MAJESTIC party .
I have a bunch of AG already and I did notice the backrest as well. My only doubt regarding an immediate move higher is that the rising 50 WMA is very close by but hasn’t been tagged yet. So it might wait for the MA to go a little higher before hitting it, maybe in the next couple of weeks. But for sure buying a backrest is a good spot to get long.
Actually, we came within 14 cents of hitting the 50 WMA this week.
With all of the indicators in downward configurations still and with it under a now declining 200EMA myself I am going to want some form of a base form before buying. This remains high risk. Eventually AG will be one of the go-to stocks when silver finally decides to take no prisoners…. good debate
https://stockcharts.com/h-sc/ui?s=AG&id=p13658763003&listNum=51
I posted that AG chart on the Rambus forum recently. I’m going to wait as well.
Nice chart, Chuck. I see that its drawn from NYSE listings. First Majestic trades on the Toronto exchange as well, and it is a Canadian based company.
In Canadian dollars the chart has a different look. The monthly peaks in 2011, 2012, and 2016 form a flat top with a failed break above trend in early 2021.
Naturally, the differences are due to fluctuating exchange rates. In any case, for me in Canada, the chart says wait.
Thank you for sharing silver fox.
And thank you all for the kind comments and good luck again all…
I have a good feeling for PM and a bad feeling for the country…
Great, and at the same time very somber thought, Sir Parabolic Chuck.
Reminds me of the time I was driving back home from work a few years ago, and I heard Sean Hannity on a conservative talk-show radio channel … “With the trajectory of debt that we have embarked on … gold will eventually go to USD 2000 or USD 2500, but I’m not sure what kind of circumstances those would be, what would be the state of affairs in the nation, would you really want to live in those times … ” something like that
He was right.
GL
I would think for silver, a far better play would be GoGold.
Low 13’s, upper 12’s is my target for AG here.