Hey, Ross here:
Welcome back to the Wednesday Watchlist.
The mining and metals sector remains hot.
One of our picks from a couple weeks ago – Lithium Argentina (LAR) – is up 35%.
One of last week’s picks – Peabody Energy Corporation (BTU) – has posted gains.
The other one – Cleveland-Cliffs Inc. (CLF) – didn’t hit our $14 buy trigger (go ahead and cancel that Buy Limit order if you’ve placed it)…
So even though it dropped significantly last week, there’s no loss for us.
With that said, let’s get right into today’s two actionable trade ideas.
Trade Idea #1 – Lithium Americas Corp. (LAC)
Lithium Americas Corp. (LAC) has had quite a ride recently.
It first exploded in late September after President Trump announced that the government would be taking a stake in this firm.
The stock nearly tripled in just a few weeks, in a pattern reminiscent of many meme stocks.
And predictably, it pulled back sharply again after.
But since November, it’s been tightening up nicely…
Forming a classic consolidation pattern beneath a clear resistance level.
The supply is being absorbed and the sellers are being exhausted.
And as you can see, the stock has just broken out past that resistance level – setting itself up for a further breakout.
I would buy LAC at current prices, with a stop loss at $ 5.30.
Trade Idea #2 – Pan American Silver Corp. (PAAS)
Silver has been absolutely ripping lately…
So it’s no surprise that many silver mining stocks have gotten extremely overextended.
But there’s one in particular that I think is still buyable – Pan American Silver Corp. (PAAS).
The stock had a nice consolidation pattern in October–November, followed by a strong surge.
Then, it formed a similar consolidation pattern starting late December…
A consolidation that it has just broken past.
Now, you may notice that this isn’t a “textbook” consolidation pattern.
But I would rather buy a less-than-perfect consolidation pattern in a leading stock in a rising sector…
Than a perfect consolidation pattern in a sector with much less momentum.
It’s similar to what Warren Buffett said – “I would rather have a great stock at a fair price than a fair stock at a great price”.
I would buy PAAS at current prices with a stop loss at $51.10.
Anyway, hope you enjoyed today’s actionable trade ideas.
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Ross Givens and the Traders Agency Team
