Wheaton Precious Metals Corp Stock Forecast

Wheaton Precious Metals Corp stock upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session.
(Updated on Apr 25, 2024)

WPM.TO Signals & Forecast

The Wheaton Precious Metals Corp stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $72.15 and $65.94. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, February 26, 2024, and so far it has risen 38.72%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Wheaton Precious Metals Corp stock

On the downside, the stock finds support just below today's level from accumulated volume at $61.44 and $60.13. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Wheaton Precious Metals Corp finds support just below today's level at $61.44. If this is broken, then the next support from accumulated volume will be at $60.13 and $55.93.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $3.17 between high and low, or 4.49%. For the last week, the stock has had daily average volatility of 2.42%.

Our recommended stop-loss: $71.10 (-3.14%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 42 days ago.)

Trading Expectations (WPM.TO) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect Wheaton Precious Metals Corp to open at $72.57, and during the day (based on 14 day Average True Range), to move between $71.40 and $75.42, which gives a possible trading interval of +/-$2.01 (+/-2.73%) up or down from last closing price. If Wheaton Precious Metals Corp takes out the full calculated possible swing range there will be an estimated 5.47% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $61.44, some $11.97 (16.31%) from the current price of $73.41, our system finds the risk reward attractive.

Is Wheaton Precious Metals Corp stock A Buy?

Wheaton Precious Metals Corp holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 6.524 Strong Buy Candidate Upgraded

Predicted Opening Price for Wheaton Precious Metals Corp of Friday, April 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.