Gold and Silver royalty company Wheaton Precious Metals (WPM.TO) has been steadily climbing back up the rankings in the SIA S&P/TSX Composite Index Report. This rise started deep in the red zone back in September of 2022 and has culminated in the shares returning to the Green Favored Zone for the first time since September of 2020. Yesterday, WPM.TO finished in 58th place up 15 spots on the day and up 66 positions in the last month.
Over the last eight months, Wheaton Precious Metals (WPM.TO) shares have carved out a bullish Rounded or Saucer base, including the establishment of a floor through several successful tests of the $40.00 level over the summer. Recently the shares have regained $50.00, and volumes have picked up, a sign of increased accumulation.
Resistance tests on trend may appear near $57.50, $65.00 and $70.00 on trend based on a combination of previous peaks, round numbers and measured moves. Initial support has moved up to the $50.00 round number.
A two-year downtrend in Wheaton Precious Metals (WPM.TO) shares bottomed out in a September Bear Trip where a double bottom breakdown lasted for only one row before the shares reversed upward and have not looked back. Over the last three months, a new recovery trend of higher lows has emerged, confirmed by bullish Triple Top and Double Top breakouts, the most recent of which has snapped a downtrend line and extended into a bullish High Pole.
Based on previous column highs, upside resistance tests may appear near $58.25 and $64.35 on trend, also near $60.00 where a horizonal count and a round number converge. Initial support appears near $49.70, based on a 3-box reversal, which is just below the $50.00 round number.
With a bullish SMAX score of 9, WPM.TO is exhibiting strength against the asset classes.
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