Uncovering Noteworthy Technical Analysis Findings for PAN AMERICAN SILVER CORP (NYSE:PAAS).

Our stock screener has spotted PAN AMERICAN SILVER CORP (NYSE:PAAS) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:PAAS.

Technical analysis of NYSE:PAAS

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Overall PAAS gets a technical rating of 7 out of 10. In the last year, PAAS was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• PAAS is one of the better performing stocks in the Metals & Mining industry, it outperforms 88% of 156 stocks in the same industry.
• PAAS is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so PAAS is lagging the market slightly.
• When comparing the yearly performance of all stocks, we notice that PAAS is one of the better performing stocks in the market, outperforming 95% of all stocks. However, this relatively good performance is mostly due to a recent big move.
• In the last month PAAS has a been trading in the 19.38 - 22.75 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of PAAS

Looking at the Setup

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:PAAS is 10:

Besides having an excellent technical rating, PAAS also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 20.18, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PAAS in the last couple of days, which is a good sign. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:PAAS?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.