WPM Follows and is Approaching My Intermediate-Term Technical Target
by Mike Paulenoff
October 20, 2024 • 11:19 AM EDT
On the afternoon of March 13, 2024, I posted the following heads-up to MPTrader members about important price action in WPM (Wheaton Precious Metals), my go-to ("favorite") name for Silver Mining within the larger Precious Metals Mining Complex:
From a silver-gold perspective, let's notice that WPM strength is pushing up against its near-term resistance line in the vicinity of 45.80. If taken out and sustained, this will point WPM toward a challenge of its 4-1/2 year resistance line that cuts across the price axis at 51.00. Last is 45.60...
On April 3, 2024, I followed up with another post to MPTrader members:
WPM (Wheaton Precious Metals) is knocking on the door of a near 4-year upside breakout zone from 51.00 to 52.80, which if (when) taken out, will project an intermediate-term target zone of 60-62. Any forthcoming weakness into the 48.60 to 47.00 support area should attract major buying interest-- if it gets back down there... Last is 50.43...
Again, on April 11, 2024, with WPM at 52.63, I commented...
WPM is on the move, and attempting a potentially explosive upside breakout...
Then, fast-forward to my July 10, 2024 comment to our members:
The Precious Metals Complex is on the move higher this AM, but interestingly, it is the Miners that are leading the metal... As we speak, WPM is pushing up toward a full-fledged test of its 5/20/24 rally high at 57.87 (today's high so far is 57.55), which if (when?) hurdled, will trigger upside projections to 63.60-65.60 next. Last is 57.51...
This past Friday, October 18, 2024, WPM surged to a new all-time high of 66.75-- a full 46% above my heads-up posted on March 13, 2024-- surpassing my July 10 projection and prompting me to revise my upside expectations: WPM is poised to make a run at my next optimal Target Window of 68 to 71. Last is 66.24...
What path will forthcoming price action take for WPM and the larger Precious Metals Complex? Is WPM in the grasp of a powerful upmove propelled by a once-in-a-decade upmove in the underlying commodity, Silver? Is a bullish confluence of fundamental factors creating a deficit supply set up in Silver?
These are the issues and challenges we are exploring and discussing at MPTrader. Join us ASAP ahead of a busy earnings week, the final two weeks before the consequential presidential election, and amid elevated geopolitical tensions for our opportunistic intraday analysis and conversations about the precious metals complex, individual stocks, sector ETFs, macro indices, commodities, and Bitcoin... MJP
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