Pan American Silver Corporation Long Opportunity
We have entered a long position on XAGUSD last month. We reached the first target, however, Silver could not break the main resistance. But the midterm trend appears to be Bullish.
17.50 remains as the main resistance and break out of this level will accelerate the bullish move. Additionally, we see an increase in the non-commercial long positions.
We see the similar structure on Pan American Silver Corp based on silver production and mining.
On the daily charts, stock stuck in a triangle and 18.70 is the critical resistance.
In the shorter term chart timeframe – H4 – it’s completed double bottom and 17.70 is the resistance/support.
We plan to enter long trade with the break out of the 17.70 resistance targeting 18.70.
The real bullish rally will start at 18.70. Closing above 18.70 may carry the stock’s price 19.90, 21 and 25.00.
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
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