Wheaton Precious Metals Corp (WPM.TO) - March 23, 2023 (Daily Stock Report)

by SIACharts.com

Renewed interest in Gold lately as a defensive haven in times of turbulence has spilled over into gold and silver stocks as well. Royalty company Wheaton Precious Metals (WPM.TO) has been trending up the rankings in the SIA S&P/TSX Composite Index Report since September and with the exception of a short dip into the yellow zone earlier this month, it has consistently been in the Green Favored Zone since November.

Since we last mentioned WPM.TO in the December 8, 2022 edition of the Daily Stock Report, the shares are up 17.1%. Currently, WPM.TO is in 5th place, up 3 spots in the last month. A winter correction in Wheaton Precious Metals (WPM.TO) appears to be over with the shares establishing a higher low, snapping a downtrend line, and breaking out over their January high. A close above $65.00 would confirm the start of a new upleg.

On a breakout, initial resistance appears in the $74.00 to $75.00 area, where a smaller measured move, previous peak and round number converge. Following that, a larger measured move suggests potential resistance near $90.00 on trend. Initial support appears in the $58.50 to $60.00 area where the 50-day moving average, a recent breakout point and a round number cluster.

Wheaton Precious Metals (WPM.TO) has been under accumulation since bottoming out in a Bear Trap back in October. Accumulation accelerated between November and February when the shares staged a High Pole rally and broke out of a downtrend. A recent correction was moderate, not enough to trigger a high pole warning and the shares have started to climb once again, rolling back up into a column of Xs.

Currently WPM.TO appears poised for a breakout. A gain of 3 cents from yesterday’s close would complete a double top pattern and a bullish catapult. Next potential upside resistance on trend appears at the August 2020 peak near $73.90, then $76.85 which is based on a horizontal count. Initial support appears near $52.75 based on a 3-box reversal and a retest of a previous breakout point.

With a perfect SMAX score of 10, WPM.TO is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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