First Majestic Silver was our top pick this year, and rightfully so as it delivered on our investing thesis and on its premise. We did include this as our top pick in our investing opportunities section, and it played out as described in our First Majestic Silver forecast. This is part of a bigger mission of our research team as explained in Forecasting The 3 Top Opportunities Per Year Becomes InvestingHaven’s Mission. In other words we want only this type of successful hits here on InvestingHaven, and will do whatever it takes to get them! We want to beat the market, not the other way around! In the meantime we need to keep a close eye on what First Majestic Silver is doing, and where/when to think of exiting this trade.
We did cover the First Majestic Silver play in great detail in Investing Opportunities #3: Gold Market Heating Up, Get In Or Too Late? which is a series of premium pieces for members of our free newsletter.
In this piece we do a quick followup on First Majestic Silver’s chart as there are some great insights in there.
First, we see a strongly bullish trend on this chart. No matter how it plays out, bulls are in control, the tactical bear market ended.
Second, the highs of last week was a very important resistance level. This stock is now attempting to break higher. If it succeeds it will pave the way to level #3 which is twice as high as current price levels.
Third, downside sits at 8.50 USD. We may expect some volatility in the near term, and bears will do everything they can to push this stock lower. Most likely they will not be able to get it below the 9-8.50 area.
In sum we are at a critical price point. Aggressive positions, likely the last ones in this ongoing bullish move, can be considered once 11.00 is broken to the upside!