Swing Trade Idea – (WPM) – June 24, 2020
Our bullish trade for Wednesday, June 24th is WPM (Wheaton Precious Metals Corp). WPM is part of the Energy Sector (XLE). XLE has experienced a 2.1% gain in the last month and its 1M trend turned neutral on June 17th.
WPM’s 1M and 6M trend turned bullish on June 19th and has recently pulled back providing a good buying opportunity as gold and silver prices continue to rally. With a technical score of 10 (out of 10), WPM is a very strong stock that will likely move higher.
As a stop loss, if WPM were to trade below $36.00 for multiple days, this would invalidate our analysis and we would consider cutting losses on the trade. We also focus on cutting losses on this options trade if the value of the vertical spread moves above $3.00.
