First Majestic - Long channel
Updated
Current uncertainty regarding economic strength (recession fears) and central bank action - the precious metal sector should benefit.
First Majestic has been channeling for quite a while though it's poked its head through psychological 6.00 level recently. The hope in the next few months is to break out of the identified channel where it could meet resistance at the 6.40 and then perhaps 8.00 level.
First Majestic has been channeling for quite a while though it's poked its head through psychological 6.00 level recently. The hope in the next few months is to break out of the identified channel where it could meet resistance at the 6.40 and then perhaps 8.00 level.
Note
AG broke past the 6.42 trendline, hit the upper channel boundary and came back down. I expect it to rise above the upper boundary in the next few months considering trade tensions which is an environment that gold usually does well in.
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