AG fell below $6 recently, where it then bottomed into a (loosely) cup & handle pattern with $6 as resistance.
Recently, it broke above the $6 and, in the last two days, backtested the resistance, which now could be support. It also happens to be just above the still falling 50 DMA.
Of note is that on Feb 28, AG missed earnings. The next day, the stock rallied strongly. This could be a sign that sellers are completely exhausted.
I believe it is low risk here with a stop under $6, with a lot of upside potential if the precious metals bull resumes and the US Dollar weakens. Which, looks to be almost certain given the fundamental happenings today.
Recently, it broke above the $6 and, in the last two days, backtested the resistance, which now could be support. It also happens to be just above the still falling 50 DMA.
Of note is that on Feb 28, AG missed earnings. The next day, the stock rallied strongly. This could be a sign that sellers are completely exhausted.
I believe it is low risk here with a stop under $6, with a lot of upside potential if the precious metals bull resumes and the US Dollar weakens. Which, looks to be almost certain given the fundamental happenings today.