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  1. Home
  2. / Investing

Maintain Your Longs in Pan American Silver

Let's review the charts and indicators.
By BRUCE KAMICH
Feb 01, 2021 | 02:25 PM EST
Stocks quotes in this article: PAAS

Pan American Silver (PAAS) moved closer to an upside breakout today. We looked at PAAS back on December 30 and recommended that "The Point and Figure chart suggests a target that is pretty impressive. Traders should look to buy a dip under $32 and risk below $29 in the next few weeks."

Traders got that buying opportunity the past two weeks. Prices exploded higher in the past few days. Let's check out a few key charts.  

In this daily bar chart of PAAS, below, we can see that prices rallied above the early January high and tested the early August highs.
 
The On-Balance-Volume (OBV) line moved slowly lower from July to early December but has recently shown new strength.
 
The Moving Average Convergence Divergence (MACD) oscillator just crossed to the upside for a cover shorts buy signal. 
 
 
 
In this weekly bar chart of PAAS, below, we went back five years to show the long base around $15. We can see that prices doubled from the base and that makes a triple or $45 the next price target. A weekly close above $40 will be a serious upside breakout.
 
The weekly OBV line is positive and the MACD oscillator is getting closer to a bullish crossover. 
 
 
In this daily Point and Figure chart of PAAS, below, we can see that a trade at $40 will be a new high for the move up on this chart and represent a breakout. The $61 area is the projected upside price target.  
 
 
 
Bottom line strategy: Continue to hold longs. Wait for a strong close above $40 before adding to longs. $45 and then $60 are the next price targets.
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TAGS: Investing | Markets | Stocks | Technical Analysis | Trading | Metals & Mining

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