First Majestic Silver, bargain hunting soon ?Head and shoulders intermediate top seen, breakout confirmed.
0QYC trade ideas
My TOP10 picks list in (Silver & Gold) Mining companies 2/10Now that cryptocurrencies are taking a breather and that GOLD is making new ATH after new ATH, it is time to come back to my list of Minining Company Picks.
First Majestic has 2.4 B MarketCap and is a mostly pure silver producing Blue Chip Mining Stock.
First Majestic Silver Corp are a silver focused emerging major with four producing mines in Mexico and USA, one mine in development in Mexico and three exploration properties. Currently they produce roughly 22.0Moz. of silver per year. They have approximately 630Moz. of silver in the reserves.
The technical set up of this stock looks truly amazing: after breaking down of the rising bullish wedge, has been forming a bullish wedge for 3 years. Recently it broke out of this bullish descending wedge, backtested the brekout and formed a bullish hammer on the 6M (halph year chart) !!!
I cannot overstate how bullish this set up looks to me !!
First Majestic Silver is one of my biggest Mining Positions in my portfolio. There is no doubt in my mind that this stock will trade into triple digits in the following years !!
First Majestic Silver No breakout yet, this might be the year for Silver Miners. Falling wedge seen without a confirmation.
FIrst Majestic Silver on important supportFirst Majestic Silver has reached the line linking the lows since 2008 giving a support in the $4.20 area.
We believe the stock is due for a rebound towards at least $6.15, possibly as high as $9.80, as long as the $4.20 area is holding.
A break below $4.20 would open $2.40, potentially even $0.67 which is the all time low.
$AG SHORTAG mining stock been bearish especially dealing with the current harsh economic condition. Its possible we could break this zone and head lower to the $3.60 - $2.54. If it does Im backing up the brinks truck.
Potential Long on AG
AG is currently in a descending wedge with bullish RSI divergence. Wait for a break of upper trendline for entry, stoploss below last swing low. Will be moving SL to BE when safe to do so.
AG for the breakout, big patternCannot resume on a single time frame but in monthly, everithings looks good for big upside, On weekly and daily, you can see bullish divergeance on RSI too
First Majestic could turn around nicely First Majestic has been having a rough year for sure.
But I feel they could see a strong break out over the coming 1-5 years.
AG 10623Looking like divergence is has formed. Will play out as long as rates and dxy pullback. Looking for 20 percent to the upside and take profits.
Locked and loadedIt is hard to look at this chart and not take a position. I wish I saw it yesterday... We just sprung off major support.. Anyway, maybe we get a pullback, I will jump right in.
Otherwise... I guess I missed out.
First Majestic Silver - Sniper Entries for 9:1 Long TradeSome thoughts that occur to me while updating the First Majestic Silver chart are teased here, which I hope you will challenge with tough questions. These ideas of mine are meant to arouse the reverse-engineers and provoke the thinkers. As always, I strive to render them so obviously as to require no words.
Nevertheless, First Majestic Silver (AG) is such a titan in this niche industry that it makes an excellent leading indicator. As of this writing, price is well below the "Snipers' Range" (Orange channel), which by itself would be a risky signal of imminent collapse; in this case it offers early, low-risk entry points for many and varied Long positions including the 9:1 shown here.
My strategy is built on innate Pattern Recognition and hard-won sympathy for the Market Maker’s Business Model. My tactics - including the beauty of Tradingview and how it makes me look good - are based on identifying the opportunities within VOLUME, VOLATILITY and TREND EXHAUSTION.
Anyways …
Although not shown in this view, the Snipers' Range was established after the low of March 2020, not retested until August 2022, and not overrun until early this year. Above the Red area that contains it, a Blue area indicates a statistically safe "Accumulation Zone" for long-term entries, and this idea takes its final profit at the top of that zone, before price inevitably drops to retest the middle of it.
Furthermore, a target for partial profit taking is suggested, either to de-risk or else to swing out and buy back in. The Stop Loss given is fairly conservative (i.e. wide), and should possibly be moved upward if taking a long position after the Snipers' Range is tested as resistance, and definitely if it is tested as support.
For greater precision, a harmonic pattern is implied, however it must be noted that such patterns are NOT confirmed until the D-point prints, ergo trading the CD leg is especially risky, and requires real-world context not available on the naked chart. If you are enough of a speculator in the metals markets to know the position that First Majestic Silver has in them, then you may have your own reason(s) for suspecting that the price just bottomed.
The Snipers' Range, along with VWAPs anchored to the last Earnings report and to the C-point of the pattern, are a few features from my complete AG chart, which I intend to publish in a more comprehensive video surveying the strategic metals mining sectors. First, though, I have a few more ideas to upload as I update other key charts for the final Quarter of 2023.
Until then, be liquid !!!
Buy Straddle - AG First Majestic SilverBuy Sep-22-23 5.5 Puts @ 0.05 Limit to Open
Buy Sep-22-23 6 Calls @ 0.03 Limit to Open
Bought a straddle, with Fed week and a zone of support and resistance, along with TTM Squeeze showing a potential move, both ways can play out here.
Majestic is acting like 2015-2016First majestic silver has created very simillar conditions as in 2015-2016 move. If we are expecting it to play in the same way, we still could touch 5$, then it looks like 700% move is possible. 35$ on the table. My GSR chart would agree. Silver chart also. Could be huge opportunity right around the corner.
FRFirst Majestic for Canadians . I posted an idea on AG a while ago and i wanted to do the canadian version for my own reference . FR has been through quite a few bouts of bad news dealing with the mexican govt which has added to the weakness in the stock price over the last year . They still have a significant amount of proven reserves , are diversifying , maintaining their dividend and actually produced more silver last quarter . Still plenty of issues but i feel the stock has been beaten down and all the bad news is in the price already . Im betting on a rise in the silver price to get this baby lit . It has completed 3 major waves down into fib support and is reacting with an upward move . I already own this but might be adding more soon . Looks decent here .
$AG technical analysis, Fib key levels.AG retracing to really low demand zones. The bottom of the downtrend seems to have bullish macd divergences, predicting a bounce as we breakout from long term horizontal downtrends
(Green lines)
Majestic Trade First Majestic Silver - NYSE:AG
- Risk/Reward Ratio 12
- Positive Divergence
- Spring reversal from under ascending triangle
- Green circle is the convergence of 200 DSMA,
POC & break out from falling wedge. A break &
close above $7.10 may be confirmation
You could enter here and place your stop as outlined on the chart and be ok with 20% hit in the event of. Or you wait for the confirmation above the noted levels before entering and place a higher stop.
PUKA
Majestic moveFirst majestic silver has huge leverage to silver. Silver will skyrocket soon. Generational opportunity.
Stay safe
Good luck
AG First Majestic is a BUY
Bounce off of long term trendline. Looking for 9-10$ in coming months. Fibs, EMAs, trendline...etc. Bought Call options
Long First Majestic #tradingtheapocalypseFundamentals
First Majestic is a primary silver producer (which moves more like a junior). It has historically been heavily shorted, making it a good candidate for outperforming in any precious metals bull market. Arguably, we are in the beginning stages of a precious metals bull market, kicked off by the slowing of Fed rate rises in August 2022. First Majestic sold off heavily on news that they had suspended production at Jerrit Canyon. In fact, this news, while disappointing in the short term, is bullish in the medium term, since it returns the company to be mainly weighted silver, which outperforms gold. It's also bullish in the long term, as once management has made the necessary changes, Jerrit Canyon can come back online and produce gold at a reasonable AISC. AG is trading near its Covid lows, which seems to be to be deeply oversold from a fundamental point of view.
The underlying macro thesis is that there will be a flight to precious metals due to weakness in the banking sector, historical price manipulation coming to an end, central bank buying of gold, and many other reasons. #tradingtheapocalypse
Technicals
Weekly RSI in July 2022 was around as oversold as the Covid lows. Compared to then, weekly RSI has made a regular bullish divergence, signalling a likely end to the high-timeframe downtrend.
Daily RSI already made regular bullish divergence on the low before the JC news, and has made even more pronounced bullish divergence since. Price recently reclaimed weekly resistance.
This position is a long-term (weeks/months) long trade, entering now, with a stop under the recent low and a final take-profit at the 2021 high. There are many dynamic and horizontal resistances between here and there where one could swing a portion of the trade.
Long - positive divergence is forming Just a good candidate for a secular bull but should wait until a clear confirmation for entries.
AGFirst Majestic is ripe for the picking here . Beaten down like a rented mule but not out of the race by any stretch of the imagination . Yea they had some bad news that caused the stock to sell down to these levels ... I say GREAT ! I love a bargain... and this baby is in the discount bin right now . I believe earnings are turning the corner now , we've had a nice long 5 waves down and the stock has been trending sideways for a while now . Perfect ! ;)
First Non Majestic 32123Cratering through levels like knife and hot butter. Mine closure. No profits. Massive losses. How is that so? It appears its management is atrocious and at this rate AG while my target is a possibe 3 dollar area. 50 cents full reset is entirely possible and not out of the picture. I will gladly buy it at 50 cents though I took a gamble , SMALL, at 5.6.
I used to be bullish on it , but not any longer. Just a gamble until I see some changes in the fundamentals.
First Majestic: Room for Maneuver 🤏First Majestic is still wading through the turquoise zone between $12.36 and $6.89 to finish wave 2 in turquoise. To achieve this, the course still has got some room for maneuver – at least until the bottom of the turquoise zone. However, it also might have already completed the current movement, thus continuing the ascent. As soon as that is the case, we expect First Majestic to climb out of the turquoise zone, heading for the resistance at $19.41. There is a 45% chance, though, that the course could drop out of the turquoise zone and slip below the support at $5.30. Should this indeed happen, the share should develop a new low in the form of wave alt.2 in green near $2.91.
