Potential 10:1 (reward: risk) - swing trade, looking at price action for entry.
- broke resistance now retesting demand zone.
FMV trade ideas
FIRST MAJESTIC SILVER the miner I likeFirst Majestic Silver Corp. engages in the acquisition, exploration, development, and production of mineral properties with a focus on silver production in Mexico.
Earnings growth is expected to exceed the low risk savings rate of 2.7%.
level of debt (20.2%) compared to net worth is satisfactory (less than 40%).
First Majestic Silver Corp Bullish Potential.The top silver stock has aggressively broken above a +2 year bearish Channel Down on 1W (RSI = 79.546) and showcases significant long term bullish potential. If a new Channel Up emerges on 1W then the Buy Zone is within 7.00 - 8.00. If the 1W Resistance break out aggressively then again the bullish potential will be even stronger. In both cases we will be going long.
** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. **
Comments and likes are greatly appreciated.
$AG FIRST MAJESTIC SILVER IN BREAKOUT BUT NEEDS A RESET, BULLISHSilver is playing catch up to the Gold breakout but that provides a opportunity to diversify, its is suggested that silver could rally a further 30% so NYSE:AG is in a good position to benefit. Currently in phase 1 of a breakout and earnings approaching we would suggest that a reset is needed
before breaking next resistance at $10.40.
AVERAGE ANALYSTS PRICE TARGET $7.83
AVERAGE ANALYSTS RECOMMENDATION OVERWEIGHT
COMPANY PROFILE
First Majestic Silver Corp. engages in the production, development, exploration and acquisition of mineral properties. It owns and operates producing mines in México including La Encantada Silver Mine; La Parrilla Silver Mine; San Martin Silver Mine; Del Toro Silver Mine; Santa Elena Silver & Gold Mine; and San Dimas Silver & Gold Mine. The company was founded by Keith Neumeyer on September 26, 1979 and is headquartered in Vancouver, Canada.
AG (silver mining) forming a bottomFirst Majestic forming a bottom, looking for a wave 3 to hit the first box then a wave 5 to hit the second box.
First Majestic - Long channelCurrent 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.
Buy the bounceBuy the recent weakness in PMs. A bounce here means a successful retest of Aug 16 TL and inv H&S neckline. 21DEMA is flat and a close below those levels will start to point it down so neckline's my SL. Might even flip to short if it falls convincingly back into the prior downward wedge.
AG: One of the most well known silver miners, AG has printed ahuge 1-2, 1-2. With a wave 3 target between $37-$44, this would be a 5-7 bagger at present price.
AG | 9D | FULL GANN SQR SETUPHere is a Full Gann Square applied on |AG| if |silver| performance in Jan 2019 will be good then this setup could be valid.
Cheers,
Keops
Somethings up with Silver. (AG)If AG holds above 8 it could easily make to 9 or 10. Will buy on a break and retest and hold of 8 with a stop around 7.50.
AG First Majestic Silver Corp, Down before up?Keep it simple.
I drew a yellow brick road to the next target zone. This is a 2 to 3 month play.
We have sell signals, no buy signals, with momentum even still bearish.
I dont want AG to drop to here, but I just read charts and drop emotions.
Were at the top of the wedge, with the Ichimoku turning bearish.
The bottom of the wedge is a long term support line and great value area.
Happy Trading, debating and speculating.
Check my other charts as well!
AG upward channelOn one hand, it retraced to the .786 line of the Aug 2016 high on June 14...
On the other hand, it is at the bottom of a channel... MACD on pace to cross over on the 3 hr.
Leaning long, but not placing trade at this moment...May be something to keep an eye on... ill look at options prices today.
Travis
JMJ - UIOGD
Reversal IncomingAscending Wedge testing support. Broke the .786 fib level but immediately fell below it.
AG: From loved to hated to lovedHighly likely that AG has seen the bottom and is now climbing the wall of worry in a choppy way before trend is commencing. Expected path outlined on chart.
Another interesting silver miner with huge potentialIt doesn't matter how much silver they have, how there balance sheet looks like or how their CEO drinks his coffee.
The sentiment controls the price and the chart is our indicator about what the herd believes. It's close to a bottom and just needs one more low along with the metals before the rocket will be fired. Very good risk reward relation.
AG: Resistance becoming supportAG fell below $6 recently, where it then bottomed into a (loosely) cup & handle pattern with $6 as resistance.
Recently, it broke above the $6 and, in the last two days, backtested the resistance, which now could be support. It also happens to be just above the still falling 50 DMA.
Of note is that on Feb 28, AG missed earnings. The next day, the stock rallied strongly. This could be a sign that sellers are completely exhausted.
I believe it is low risk here with a stop under $6, with a lot of upside potential if the precious metals bull resumes and the US Dollar weakens. Which, looks to be almost certain given the fundamental happenings today.
