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Top Precious Metals Miner Nears Bullish Wedge Breakout

by | Feb 1, 2024

Wheaton Precious Metals (WPM) shares of the top-quality metal’s miner are nearing a breakout above its tight recent range as a squeeze pattern forms and Thursday saw strength in the group with gold prices pushing higher and potential for new highs coming. WPM has a bull MACD cross confirming the past day and now a close above 48 can trigger a follow through rally up to 50 as a first target and then a fib extension level up at 52.40. WPM has a large bull in open interest still with over 1500 June $45 calls bought at $7.55 on 12/14.

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