Bullish on Wheaton Precious Metals

We first reported a breakout from a large and bullish quadruple-bottom on May 11, 2019 ($27.03) and provided targets of $36 and $39. A few months later (August 31, 2019 - $39.16) we suggested that Wheaton Precious Metals Corp. (Friday’s close $38.95) was becoming overbought and could have a minor correction.

Following our second report, the stock rallied slightly higher (A) and then started a correction toward its 40-week Moving Average (40wMA) where it found support near $33-34 (B). The recent rise above $37-38 suggests the resumption of the up-trend (C).

Behaviour indicators including the rising 40wMA confirm the bullish status. Only a sustained decline below $34-35 would be negative.

Point & Figure measurements provide targets of $44 and $47. The large quadruple-bottom (dashed lines) supports higher targets.

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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com