Wheaton Precious Metals Corp (Canada) Stock Forecast
Wheaton Precious Metals Corp (Canada) stock upgraded from Hold/Accumulate to Buy Candidate after Tuesday trading session.
(Updated on Apr 23, 2024)
The Wheaton Precious Metals Corp (Canada) stock price gained 1.90% on the last trading day (Tuesday, 23rd Apr 2024), rising from $51.52 to $52.50. During the last trading day the stock fluctuated 3.01% from a day low at $50.97 to a day high of $52.50. The price has risen in 6 of the last 10 days and is up by 2.94% over the past 2 weeks. Volume fell on the last day by -775 thousand shares and in total, 2 million shares were bought and sold for approximately $82.00 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $53.03 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 15.30% during the next 3 months and, with a 90% probability hold a price between $50.42 and $61.15 at the end of this 3-month period.
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WPM Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Thursday, April 18, 2024, and so far it has fallen -0.361%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). The Wheaton Precious Metals Corp (Canada) 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 $52.07 and $47.89. A breakdown below any of these levels will issue sell signals. 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.
Support, Risk & Stop-loss for Wheaton Precious Metals Corp (Canada) stock
On the downside, the stock finds support just below today's level from accumulated volume at $49.18 and $40.74. 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 (Canada) finds support just below today's level at $49.18. If this is broken, then the next support from accumulated volume will be at $40.74 and $39.60.
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 $1.54 between high and low, or 3.01%. For the last week, the stock has had daily average volatility of 2.53%.
Our recommended stop-loss: $50.67 (-3.48%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)
Trading Expectations (WPM) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Wheaton Precious Metals Corp (Canada) to open at $51.99, and during the day (based on 14 day Average True Range), to move between $50.96 and $54.04, which gives a possible trading interval of +/-$1.54 (+/-2.93%) up or down from last closing price. If Wheaton Precious Metals Corp (Canada) takes out the full calculated possible swing range there will be an estimated 5.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $52.62 (0.23%) than the support at $49.18 (6.32%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Wheaton Precious Metals Corp (Canada) stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Wheaton Precious Metals Corp (Canada) stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.596 Buy Candidate Upgraded
Predicted Opening Price for Wheaton Precious Metals Corp (Canada) of Wednesday, April 24, 2024
Fair opening price April 24, 2024 | Current price |
---|---|
$51.99 ( 0.97%) | $52.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WPM
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 53.52 | 1.95 % | |
R2 | 52.94 | 0.83 % | ||
R1 | 52.57 | 0.142 % | ||
Current price: | 52.50 | |||
Support | S1 | 51.40 | -2.09 % | |
S2 | 51.04 | -2.78 % | ||
S3 | 50.45 | -3.90 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 52.69 | 0.362 % | |
R2 | 52.67 | 0.324 % | ||
R1 | 52.62 | 0.229 % | ||
Current price | 52.50 | |||
Support | S1 | 49.18 | -6.32% | |
S2 | 40.74 | -22.40% | ||
S3 | 39.60 | -24.57% |
WPM Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Apr 02, 2024 | Apr 02, 2024 | Apr 15, 2024 | $0.155 | 0.303% |
2 | Nov 09, 2023 | Nov 27, 2023 | Dec 08, 2023 | $0.150 | 0.317% |
3 | Aug 24, 2023 | Aug 24, 2023 | Sep 07, 2023 | $0.150 | 0.359% |
4 | May 04, 2023 | May 18, 2023 | Jun 02, 2023 | $0.150 | 0.331% |
5 | Mar 09, 2023 | Mar 23, 2023 | Apr 06, 2023 | $0.150 | 0.303% |
FAQ
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