Bullish on Pan American Silver

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Pan American Silver Corp. (PAAS-T) declined from $53.30 in August 2020 to $18.95 in September 2022 (A-B) while trading below the falling 40-week Moving Average (40wMA) and a falling trendline (dotted line). The stock then settled in a horizontal trading range mostly between $18 and $27 (dashed lines). The recent rise above this range and the falling trendline signalled the start of a new uptrend (C).

Behaviour indicators including the rising 40-week Moving Average (40wMA) confirm the bullish status. Pan American Silver is currently in the midst of a minor correction. There is good support near $25 and then again at the 40wMA (currently near $22-23; only a sustained decline below the latter would be negative.

Point & Figure measurements provide targets of $31 and $34. Higher targets are visible.

Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com

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