First Majestic Silver Corp #AG
Posted: Sun Oct 02, 2022 12:49 pm
Another from the sector, this time covering Silver. Not 100%, but i think i may have heard Rick Rule talk about Majestic? I am sure users of this site who follow Rick will confirm.
Going to look at 3 charts here.
1. Monthly. For historical context as the current weekly situation is certainly rhyming with the historical Monthly.
As you can see, the BAT pattern completed on the long term trending support (red dashed line) and it did play out with the Type 1, Type 2 return and Type moves playing out. The Type exceeding expectations, but that can happen. It did play out over a very long time, but it was a Monthly pattern so a long term move. Is this what can be anticipated at the Weekly Bat...
Entry for the Type 1 would have been at the break and hold of the XA. Closing at Target 1. The Type 2 entry was signalled by the demonstrative move out of the target zone with HSI confirmation. Both trades would have yield decent returns. The entry of the Type 2 move is marked. With the mandatory HSI confirmation required for a Type 2 and the retest, again an entry signal. It appears that the move to T2 took longer this is to be expected as a way of the framework. The price action demonstrating accumulation period. I have marked the chart with some commentary
2. Weekly
Again a Bullish Bat pattern, and again completing very close to the long term trending support. HSI confirmation included a bonus on a Type 1. The PRZ has tested all the number with the XA/Terminal bar providing support and the BC projection resistance. Have to bear in mind that the overall bearish trend line is someway off and as we are in Type 1 territory any move here needs to be thought of as a reaction and certainly NOT a home run. But we can manage that!
Will be keeping an eye on the daily as it does appear to be echoing the Monthly bat.
3. Daily
The green rectangle is the area of interest and must now count 30 weekly bars, meaning that reaction must happen to confirm the validity of the pattern within 30 weeks / 150 trading days. We're about half way through that period. Clearly there is accumulation in this zone, however, looking again at the Monthly you can see the candles are not bullish as a boom per se is imminent. Consolidating is the word.
Obviously overall market conditions are also in play so again I will proceed with caution and carefully manage any position i may take.
Going to look at 3 charts here.
1. Monthly. For historical context as the current weekly situation is certainly rhyming with the historical Monthly.
Entry for the Type 1 would have been at the break and hold of the XA. Closing at Target 1. The Type 2 entry was signalled by the demonstrative move out of the target zone with HSI confirmation. Both trades would have yield decent returns. The entry of the Type 2 move is marked. With the mandatory HSI confirmation required for a Type 2 and the retest, again an entry signal. It appears that the move to T2 took longer this is to be expected as a way of the framework. The price action demonstrating accumulation period. I have marked the chart with some commentary
2. Weekly
Will be keeping an eye on the daily as it does appear to be echoing the Monthly bat.
3. Daily
Obviously overall market conditions are also in play so again I will proceed with caution and carefully manage any position i may take.