AG First Majestic Silver Looks Good Into End of Year

AG First Majestic Silver Corp. looks like it is setting up into a good run into the end of the year.  AG took a huge beating with the silver crash and has been drifting at the lows recently.  But now it looks like it is going to make an attack on the apex of the large symmetrical triangle and perhaps later this year make an attempt to bust topside through the triangle again.

That could make for a 100% move in AG from here.

SLV itself still has some huge gaps to fill on the upside and could head back to the top of the range into end of year.

AG is a very solid managed silver company with significant production expansion plans.  All things considered AG has weathered the downside storm quite well.  Surely it is a volatile stock but it tends to play catch up back to the upside quite quickly.

AG20111027

Look for AG to get into the green shaded area and then initiate a break up above the green shaded area.

There should be some type of shakeout when it gets near the underside of the green shaded area.

Downside risk looks minimal from here into end of year.

Posted in Mining Stocks
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