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Silver Wheaton (SLW) Stock is the 'Chart of the Day'
The precious metal is just hitting its stride, said TheStreet's Chris Versace and Bob Lang.
By Rachel Aldrich
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NEW YORK (TheStreet) -- Shares of Silver Wheaton (SLW) are up 1.97% to $25.13 in early-afternoon trading on Wednesday.
Silver for September delivery is gaining 1.27% to $20.16 per ounce on the COMEX as lingering Brexit concerns lead investors to flock to safe investments like metals.
Silver Wheaton is a Vancouver-based mining company specializing in precious metals.
TheStreet'sChris Versace and Bob Lang of Trifecta Stocks have identified Silver Wheaton as the "Chart of the Day." Here is what Versace and Lang had to say about the stock:
Silver, gold and crude oil have been resurrecting their depressed prices in 2016. Silver alone is up better than 50% this year and the metal is just hitting its stride. The miners have also benefited greatly from the rise in the precious metal, the best of the bunch being Silver Wheaton.
Silver Wheaton is one of the largest out there and has been rising sharply since the lows put in January. The uptrend channel is well defined, and while we are at the top of it the price action has been spectacular.
Volume has been swelling of late and the recent breakout past $22 was impressive, guided by the Moving Average Convergence Divergence (MACD) buy signal. Momentum indicators are overbought and the Relative Strength Index (RSI) is super strong. While the stock may pull back some to that $22 area again soon that may be a nice entry point.
As long as silver keeps running, and there is some tremendous demand for it, we could see Silver Wheaton continue upward. The 2011 highs would not be out of the question. Watch this video for more.
Separately, TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, TheStreet Ratings also finds weaknesses including disappointing return on equity and feeble growth in the company's earnings per share.
You can view the full analysis from the report here: SLW
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.