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Wheaton Precious Metals CorpWheaton Precious Metals CorpWheaton Precious Metals Corp

Wheaton Precious Metals Corp

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WPM trade ideas

Wheaton Precious Metals (WPM): Fibonacci Levels to WatchToday, our focus is on gold mining stocks, with earnings reports from Barrick Gold TVC:GOLD and Wheaton Precious Metals NYSE:WPM in the spotlight. We’ve zoomed out on the NYSE:WPM chart to assess the overall structure and identify longer-term opportunities. Building a portfolio with some exposure to the commodity market is, in our opinion, a solid strategy for diversification. NYSE:WPM appears highly correlated to Gold OANDA:XAUUSD and is currently sitting on a crucial trendline while hovering in the minimum target area for wave 3. A drop into the $78.5-$68.5 range seems plausible to establish the wave (iv). Ideally, the stock would then resume its upward trend, targeting higher Fibonacci levels for wave 3. In the broader picture, Wheaton Precious Metals responds well to trendlines, and a potential move into the $64.2-$52 zone could also occur over time. If Gold continues to rise, NYSE:WPM may follow suit, and during Gold’s peak, mining stocks like NYSE:WPM could outperform the physical commodity significantly. We are closely monitoring this setup and evaluating whether to execute it. Remember to always conduct your own research before making any investment decisions!
TSX:WPMLong
by freeguy_by_wmc
Wheaton Precious Metals Corp (WPM)Wheaton Precious Metals Corp witnessed a strong rebound after forming a new higher low at 52$, to violate the all-time high at 57.90$, and if it continues to stay above this level in today's session (to close above it on a weekly basis), it will confirm the major uptrend, triggering further rises near 61.50 - 63.80 - 65.85 - 67.50 on the short term The stop-loss lies below 56.50$ for short-term investors and below 52 for medium to long-term investors. the indicators are heading toward the positive side, which confirms the mentioned positive scenario. The information and publications are not intended to be or constitute any financial, investment, commercial, or other types of advice or recommendations provided.
NYSE:WPMLong
by Gehad_Abouelela
Wheaton (WPM): Is 88 CAD the Next Stop?Due to the significant rise in gold prices, our primary scenario for Wheaton Precious Metals has been invalidated, and we've recharted the entire course for you. We now believe what we're witnessing could be a potential Wave 5 of Wave (3), meaning we're in the overarching Wave (3). This wave should reach at least 88 Canadian dollars, stretching potentially above 250, which of course will largely depend on how the gold price performs. We consider the Wave 4 to have concluded at the low of 39 Canadian dollars, and we're now in a Wave ((iii)), with Wave ((ii)) having concluded at just about 52 Canadian dollars. We anticipate a possible short rise to then develop a subordinate Wave (ii), which likely will see the high at 71.39 CAD acting as a strong resistance, and we might witness a relatively short downtrend for our Wave (ii), where we'll place new entries. We'll let you know as soon as we place a limit order.
TSX:WPMLong
by freeguy_by_wmc
WPM = Target Price $77With Gold already having broken out to new highs, it's just a matter of time before the miners and streamers do the same. Believe that we are beginning a third wave of an impulsive move higher. Should Wave 3 play out to 1.618 of wave 1, we get a measurement of $77. That coincidentally is also a target price based on a reverse head and shoulders formation. Some have also assigned Cup and Handle formations to the Gold pattern. WPM exhibits the same formation. One can be loading up here or wait until the breakout. Gold stocks have a long way to go to catch up to gold so once the breakout occurs, it's likely that the upthrust will be quick and dramatic.
NYSE:WPMLong
by AssetDesign
Wheaton (WPM): Further Downward MovementWheaton (WPM) : NYSE:WPM Due to growing interest in the gold market, we've decided to include a mining stock in our analysis, specifically Wheaton Precious Metals Corporation, a Canadian company that focuses primarily on gold mines. We start with the weekly chart to examine this company. It's important to note we're dealing with Canadian dollars, not to be confused. We've completed the first 5-wave cycle, although not the most aesthetically pleasing, at 76 Canadian dollars. Since then, we believe there should be further downward movement to complete Wave C and simultaneously the overarching Wave II. We expect to enter the range of 50 to 61.8% retracement, approximately at the level of Wave (A) as we can see more clearly on the daily chart. The subordinate wave structure also clearly shows that we're in a Flat structure. Based on this, we expect to see a 5-wave downward structure. Should the rising gold prices cause an increase instead, we would invalidate the bearish scenario once we surpass the levels of 64.42 Canadian dollars and then 71.4 Canadian dollars. If this does not happen, we continue to expect to see Wave 3, 4 & 5. Incidentally, we've also precisely completed Wave 2 at the 78.6% level. Therefore, we are very confident there should be further decline before we consider long-term entries in the mining stock of Wheaton.
TSX:WPMShort
by freeguy_by_wmc
2
Gold Stocks are Ready to show some shine again!Timeframe: Weekly After September's 2022 Low, the stock has experienced 65% rally which has ended end of January 2023 and followed by a healthy correction of 18%. The correction did only give a chance for buyers to jump in, where we have seen large buy side volume, then continuous buy side interest until End of April - Start of May 2023, where sellers jumped in again and released some profits. Interestingly price has corrected almost at same percentage (17% this time and 18% previous wave). From Fib perspective, prices have reacted in a very positive manner at 0.618 level by having long wicks from the bottom. Timeframe: Daily Price is moving between 44$ and 47$, since almost one month and which we can consider sideways. Last candle (16.06.2023) is showing indecision between buyers and sellers, the sellers that denied the move of the price above EMA100. Interestingly during almost one year, eachtime the price moves above EMA50 experiences a rally of at 16%. So a safe trade, would be to wait until a daily candle closes above EMA50. As a target, Fib-Extension draws the old ATH as FIB 1 (Weekly timeframe), which a 28% move. Stop Loss: Closing below EMA200 (Daily)
NYSE:WPMLong
by bellaSoussa
WPM Bullish PotentialWPM has now gained great bullish momentum prior to violating its pennant's resistance. the overall structure is a bearish cypher pattern at a point for an SL hunt swing. WPM midline support has greatly shown its crucial play as it has been the bullish/bearish indicator of this long-term channel. Any violation of the pennant within this channel can be the trigger for a swing to the channel resistance labeled as R1. As gold charted below we have a bullish formation with the potential of a breakout on XAU which can trigger all precious metal companies to make a bullish run.
NYSE:WPMLong
by Zivul33
6