We are pleased to announce that we are entering our 19th year of providing The Globe and Mail with What the Charts Say reports.
In our previous report on MAG Silver (Aug. 10, 2019 - $15.87) we identified a bullish Inverse Head-and-Shoulders pattern (solid lines) and suggested that a breakout above $15.50-16.00 (dotted line) would signal a breakout. Shortly afterward, the stock rallied above this level and reached a high of $18.60 (A). At that point, profit-taking ensued, which caused a retest of the previous support at ±$12.50 and a temporary dip last March (B). However, MAG Silver (Friday’s close $22.34) quickly reversed and started a new up-leg (C). The stock has since pulled back slightly to support at $19-20 and appears to be resuming the up-trend. Only a sustained decline below $17-18 would be negative.
Point & Figure measurements provide targets of $25 and $29. Higher targets are visible.
stock
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
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.