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« Pan American Silver Corporation: Chart Break Out! | Main | Pennant Formation on Silver Standard Resources »
Saturday
Dec132008

Pan American Silver: Building a Bullish Base

After topping out at over $40, Pan American Silver has fallen dramatically to make a low $10. In fact, its made three lows on the $10 mark, and we are now seeing signs of a base being built at this level.

From the chart below we can see that this high quality silver stock is trading in a range of $10-$14, and could be poised for a breakout to the upside.

Pan American Silver: Building a Bullish Base
(click to enlarge)

PAAS is consolidating and has formed a trading range between $14 and $10. If the price can break up out of this range and pass $14, PAAS could go on a run. The rising MACD, STO and strengthening RSI add weight to the argument that the breakout will be to the upside when it comes. Also note that on the most recent retreat to the $10 support, PAAS was very quick to bounce and in fact barely touched the bottom of the range. This suggests to us that we will see PAAS break up out of this range within a month.

As for making a move and signalling buys on any stocks: We are now much more bullish on the precious metals sector in the near term than we were this time last month. We are actively looking for the best place to deploy some of out opportunity cash and once we decide where this is best suited, we will signal our specific BUY signals to our readers immediately. So stay tuned, in our opinion the next couple of months could be very exciting indeed!


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Reader Comments (6)

PAAS BOTTOMED THIS YEAR ON NOVEMBER 13 AT 8.93 CENTS AND HAS BEEN MOVING UP EVER SINCE ! DO YOURSELF A FAVOR DONT WAIT FOR THE BUY SIGNAL FROM THIS SITE AND IF YOU HAVENT BOUGHT ALREADY--------- DO SO NOW ! AND NEXT TIME BUFFETT SAYS BUY NOW KNOW THAT THE WHOLE MARKET IS NEAR ITS LOW-INCLUDING GOLD AND SILVER STOCKS -AND THEN BUY PRONTO !!!!!!!!

December 14, 2008 | Unregistered Commenterwil

Wil, When did you tell us that you were buying PAAS - I may have missed your call on it.

December 14, 2008 | Unregistered CommenterSilver Prices

What do you guys think about buying CDE at these prices?

December 15, 2008 | Unregistered Commenterobiwan

well i bought some when you guys said to buy it---that was 30 dollars a share last time....then i bought some when buffett called close to the market bottom on october 18 2008 and i then bought some more a couple days later for 11 dollars a share-- so with both yours and buffetts advice i average about 20 dollars a share....paas 52 week high so far is 44.10 and im pretty certain it will meet or exceed that amount in the first quarter of 09.........

December 20, 2008 | Unregistered Commenterwil

then ill sell it! and hold my cash till the market crashes again next year - typically market bottoms 4th quarter --ill wait till then to buy again--sell in may come back after labor day

December 20, 2008 | Unregistered Commenterwil

at the very latest paas will hit another 52 week 2nd quarter of 2009...when it does im out...ill wait for it to drop again..then buy again after labor day--3rd OR 4th quarter of next year....if all goes typically

December 20, 2008 | Unregistered Commenterwil

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