First Majestic Silver (AG) “weekly” Chart
On Tuesday, B. Riley FBR raised their price target on First Majestic Silver NYSE: AG from $6.75 to $8 while maintaining a neutral rating on the stock.
By day’s end, AG traded well above B. Riley FBR’s price target.
Let’s take a look at our weekly analysis.
At askSlim we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim Technical Briefing:
The weekly cycle analysis suggests that AG is in a rising phase in an overall negative cycle configuration. On the above chart, the gray dashed cycles are our Silver Future weekly cycles. We believe that the Silver market has formed an important bottom and that this will be a significant tailwind for AG moving forward. AG’s next projected intermediate-term low is due in mid-August.
On the upside, there are intermediate-term resistances at 10.87 and 12.69. On the downside, there is intermediate-term support at 8.60 followed by another zone of support from 7.75 – 7.07. For the bulls to regain control of the intermediate-term, we would need to see a weekly close above 10.87.
askSlim Sum of the Evidence:
First Majestic Silver is in a rising phase in a negative overall cycle configuration. Based on our analysis on the Silver Futures, we believe that AG has formed an important intermediate-term low. There is a likelihood that the stock trades above 10.87 by October.
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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.