Will WHEATON PRECIOUS METALS CORP Break Out? A Technical Analysis Perspective.

We've identified WHEATON PRECIOUS METALS CORP (NYSE:WPM) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:WPM for further developments.

What is the technical picture of NYSE:WPM telling us.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 7 out of 10 to WPM. In the last year, WPM was one of the better performers, but we do observe some doubts in the very recent evolution.

• 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 WPM is one of the better performing stocks in the market, outperforming 79% of all stocks. On top of that, WPM also shows a nice and consistent pattern of rising prices.
• WPM 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 WPM is lagging the market slightly.
• WPM is an average performer in the Metals & Mining industry, it outperforms 65% of 156 stocks in the same industry.
• In the last month WPM has a been trading in the 58.73 - 64.82 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 WPM

Looking at the Setup

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:WPM currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, WPM 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 60.54, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for WPM in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NYSE:WPM?

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.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

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.