Wheaton Precious Metals Corp. (Friday’s close $39.16) rallied from $14.51 to $40.08 in 2016 (A-B) and then built a large base in the form of a bullish quadruple-bottom pattern (dashed lines). It had a breakout from this base earlier this year (C) followed by a minor correction toward its 40-week Moving Average (D).
On May 11, 2019 ($27.03), we reported targets of $36 and $39; shortly afterward, the stock resumed the up-trend to a recent high of $39.76, to fulfill our targets (E).
Wheaton Precious Metals is currently overbought and may have a minor correction toward ±$35, but only a sustained decline below ±$30 would be negative.
Point & Figure measurements provide a target of $44. Higher targets are visible.
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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