Technical analysis update: FMV (23rd June 2021)

Long

FIRST MAJESTIC SILVER CORP (XETR:FMV)

Updated

XETR:FMV FIRST MAJESTIC SILVER CORP

trendanalysis indicator chartpattern fmv gold silver preciousmetals fmvlong

FMV has been trading within rectangle pattern for some time now. Currently, FMV has neutral trend and it oscillates between its support at 12.34 EUR and its resistance at 15.445 EUR. Neutral trend is reflected in low ADX value. Stochastics and MACD are bearish. However, RSI shows first signs of reversing to the upside. We think that mining stocks within precious metals sector are currently very cheap and attractive. We expect FMV to rise above its resistance and continue up as it coincides with our bullish forecast for gold. Because of that we would like to set medium term price target for FMV to 15.50 EUR.

Disclaimer: This analysis is not intended to encourage buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.

Comment:

Today gap up occured at the EU market open. This is very bullish sign if price does not retrace below yesterday’s high. If retracement does not occur then we expect sharp move towards resistance.

Trade active:

Since retracement occured we expect price action to be slow. However, we remain bullish and our price target remains in place.

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