I have purposely not looked at anything having to do with First Majestic’s fundamentals. This is strictly a daily chart setup for precious metals players who either like or want to trade this stock. The post is made with the assumption that our proposed ‘silver leads gold in a resumed inflation bounce’ is still in play.
Today AG is trying to break above the 50 day moving averages. If that holds, the next objective is the red downtrend line. A reasonable target, if the trade is successful, would be around the SMA 200.
One might want to see if there is any post-Yellen volatility in the sector this week before committing.
Buy Target: 5.00 to 5.15
Sell Target: 5.90 to 6.00
Stop Loss: As suits risk tolerance below 4.75 (but please, keep it tight; that is very clear support and should not be lost). A very strict and low risk stop loss could be a drop back below the MA 50’s at 5.00.
A reminder that chart based NFTRH+ updates are just trade setup ideas, which may not be revisited as the parameters are already noted. They are meant as a starting point for further research if interested. Fundamentals-based ideas are also provided for your further research only. I will not personally buy every item highlighted and will sometimes sell – without prior notice (because this takes time and resource away from NFTRH’s main functions) – any item that I do buy, below target, which is something I often do as a trader. Also please be aware that I am not a fundamental stock analyst.
