Pan American Silver Ready to Shine

 | Feb 06, 2017 | 3:12 PM EST
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Pan American Silver (PAAS) is set to make a major upside breakout. Ignoring a strong U.S. dollar, PAAS has firmed up in recent weeks to be in a position to break out above its August zenith.

PAAS is above the rising 50-day and the rising 200-day moving average line. The daily On-Balance-Volume (OBV) line is has steady or sideways for the past six months even when the price of PAAS decline from $21 to $14. This basically tells me that the longs stayed with their positions. 

The Moving Average Convergence Divergence (MACD) oscillator is in a bullish configuration above the zero line and is a strong vote for a successful breakout.

In this weekly chart of PAAS, above, we needed to go back to 2012 to see where prices could be headed and how important the $22 level was. Prices are above the rising 40-week moving average line. The weekly OBV line is pointing up suggesting that buyers of PAAS have turned aggressive again. In the lower panel is the weekly MACD oscillator which just signaled a new outright go long buy. The $27-$28 area looks like a logical next objective for PAAS.

This long-term Point-and-Figure chart, above, shows that a move to $21.90 is very bullish and give us an initial upside price target of $27.

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