Buy First Majestic Silver up to 8.20 USDIt´s been the right thing to wait with any recommendation in the mining sector. But now I feel the time is right. As explained I believe silver has a great potential over the next 8-12 months. The best way to play a multi-months rally in silver are some of the best but currently beaten down silver mining stocks.
First Majestic Silver without a doubt is one of the best companies in this sector. Focused on silver production in Mexico the company is run by mining legend Keith Neumeyer.
Although First Majestic has been consolidating sideways since October last year I think the stock is at a very interesting juncture.
We might be a bit early to the party but the risk/reward is just phenomenal! With a stop loss at 6.50 USD and a 1st profit target at 19.00 USD the idea has an initial 1:3 risk/reward-ratio. But First Majestic could easily take out 19.00 USD and we might scale in a couple more times once the stock has clear the downtrend line at 8.20 USD.
