Wheaton Precious Metals WPM-T had a sharp rise from $26.99 in March 2020 to $76.69 in August (A-B) and then settled in a bullish triple bottom base pattern (dashed lines). We recommended the stock on March 23, 2023 ($61.11), identified the bullish formation and provided initial targets of $69 and $74. Following this report, the stock reached a high of $71.39 in May of the same year (C), and then pulled back and found support near $54-55 (shaded area). Wheaton has since recovered and rallied to new all-time highs (D). There is good support near $74-75; only a sustained decline below this level would be negative.
Point & Figure measurements provide targets of $89 and $99. The large triple bottom base (dashed lines) supports significantly higher targets.
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Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com