The question on everyone's mind: Will PAN AMERICAN SILVER CORP breakout?

Our stockscreener has identified a possible breakout setup on PAN AMERICAN SILVER CORP (NYSE:PAAS). This occurs when the stock consolidates following a significant upward movement. While the breakout outcome cannot be guaranteed, it may be worth monitoring NYSE:PAAS for potential opportunities.

Technical analysis of NYSE:PAAS

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to PAAS. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• When comparing the yearly performance of all stocks, we notice that PAAS is one of the better performing stocks in the market, outperforming 93% of all stocks.
• PAAS is part of the Metals & Mining industry. There are 156 other stocks in this industry. PAAS outperforms 87% of them.
• 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.

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

How do we evaluate the setup for NYSE:PAAS?

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:PAAS currently has a 9 as setup rating:

PAAS has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 20.09, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:PAAS be traded?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.