In-Depth Technical Analysis of WHEATON PRECIOUS METALS CORP (NYSE:WPM).

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

In-Depth Technical Analysis of NYSE:WPM

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 10 out of 10 to WPM. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, WPM is showing a nice and steady performance.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that WPM is one of the better performing stocks in the market, outperforming 94% of all stocks. On top of that, WPM also shows a nice and consistent pattern of rising prices.
• WPM is one of the better performing stocks in the Metals & Mining industry, it outperforms 81% of 150 stocks in the same industry.
• A new 52 week high is currently being made by WPM, which is a very good signal! Especially since the S&P500 is only trading in the upper part of its 52 week range, so WPM is leading the market.
• In the last month WPM has a been trading in the 64.73 - 71.01 range, which is quite wide. It is currently trading near the high of this range.

Our latest full technical report of WPM contains the most current technical analsysis.

How does the Setup look for NYSE:WPM

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:WPM has a 10 as its setup rating, indicating its current consolidation status.

WPM has an excellent technical rating and 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 69.63, 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?

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.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found 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.