First Majestic Silver Corp. (AG) Technical Analysis

Price Action Analysis

Overview

• The price of AG (First Majestic Silver Corp) has been in a clear uptrend on the main chart over the past several months, with higher highs and higher lows evident from late 2025 into early 2026. After grinding higher into late January, the price pulled back modestly into February, finding support around the mid-$20s and converting into a near-term consolidation zone around the $20 level.
• The structure suggests a bullish plateau: momentum has cooled slightly from overbought levels earlier in the advance, but the trend remains intact while price sits above key moving averages.

Recent price behavior and patterns

• The price advance into late January created a sequence of higher highs into the upper-$20s, followed by a pullback to the low-to-mid $20s in early February.
• Near-term action shows a balance area roughly between $20.0 and $21.5, with price repeatedly testing support near $20 and resistance near the upper $20s.
• No definitive reversal pattern (e.g., head-and-shoulders, double-top) is visible in the immediate term; rather, a shallow consolidation after a strong run suggests the potential for another leg higher if buyers regain control around current support.

Candlestick and structure notes

• The recent candles show a mix of bullish and bearish sessions around a rising baseline, with wicks indicating intraday volatility around the $20–$21 region.
• The multi-week context points to a continuation setup as long as the price holds above the nearby support cluster and shows sustained buying on pullbacks.

Volume context

• Volume tends to pick up on stronger up days during the late rally, with notable volume spikes around the breakout period into late January. In the current consolidation, volume has been more subdued, consistent with a pause rather than a distribution phase.
• On a longer horizon, volume tends to rise during advances, supporting the bullish structure, while lighter volume during pullbacks suggests buyers may still be accumulating on dips.

Technical Indicators

Technical snapshot

• Price: around $20.40
• Moving Averages: 50-day MA ≈ $17.80; 200-day MA ≈ $11.40
• RSI (14): ≈ 50.7
• MACD (12,26,9): MACD line ≈ 1.7; Signal ≈ 2.0; Histogram ≈ -0.3

Compact readings and implications

Indicator	Latest Value	Interpretation	Implication
Price	$20.40	Trading above trend-following MAs	Uptrend intact; price is within a higher-low/high-high context
50-day MA	$17.80	Price above 50-day MA	Short- to medium-term bullish bias; MA may act as support on dips
200-day MA	$11.40	Price well above 200-day MA	Long-term bullish backdrop remains intact
RSI (14)	50.7	Neutral territory	No active overbought/oversold pressure; room for moves in either direction
MACD	MACD 1.7; Signal 2.0; Hist -0.3	Recent bearish MACD cross	Near-term momentum softer; watch for a re-acceleration or further consolidation

Observations

• The current context shows a bullish regime on the chart, with prices comfortably above both major moving averages, indicating a healthy uptrend backdrop.
• The MACD crossing from above to below and a modestly negative histogram suggest a near-term pause or minor pullback rather than a trend reversal. RSI around 51 supports no extreme conditions.
• Overall, the indicators align with a favorable longer-term trend but warn of a potential short-term cooldown if MACD momentum remains negative.

Volume & Momentum Analysis

• Volume patterns support the upmove during the late rally phase; higher volume on days with gains indicates accumulation and buyer enthusiasm.
• In the current consolidation, volume has cooled, which is typical during pauses in a sustained uptrend. A fresh uptick in volume on a break above the recent high (upper-$20s) would reinforce upside momentum.
• The combination of price above key MAs with a neutral-to-mildly-positive RSI supports a constructive setup as long as the price does not break below the near-term support cluster.

Key Buy/Sell Levels

Proposed zones (horizontal levels drawn on the chart area to reflect important reference prices)

• Buy Zone 1: around $20.5

  • Status: Has been touched this session (current price is $20.40; intraday ranges have touched roughly $21+).
  • Distance from current price: ~0.1–0.6 dollars (0% to ~3% up from here if price re-tests highs).
  • Rationale: Near-term support and the zone just above the 50-day MA; aligns with recent consolidation floor and volume fade/rotate zone.

• Buy Zone 2: around $18.5

  • Status: Has been touched in the recent pullback; intraday dips have touched near this level earlier in the move.
  • Distance from current price: roughly $1.9 lower (~9% down).
  • Rationale: Secondary support zone that coincides with prior consolidation areas and the vicinity of a longer-term moving average cluster.

• Buy Zone 3: around $16.5

  • Status: Not recently touched; last test was in the prior consolidation phase well below current price.
  • Distance from current price: roughly $3.9 lower (~19% down).
  • Rationale: Strong longer-term support area from earlier basing; could represent a deeper pullback base if new sellers emerge but would require larger price action to reach.

Trendlines drawn (levels and interpretation)

• Level at $20.50 (near-term support/resistance cluster)
• Level at $18.50 (secondary support)
• Level at $16.50 (longer-term support)

How these levels align with chart references

• The $20.5 level aligns with the current consolidation floor and the 50-day moving average, serving as a near-term anchor. A break above or hold above this level would indicate continued near-term strength and potential acceleration toward the recent highs in the upper-$20s.
• The $18.5 zone corresponds to a deeper retracement area where prior volume clusters and price basins exist; it functions as a more robust support if the price tests again.
• The $16.5 level represents a multi-week/quarterly support region that previously acted as a base during prior drawdowns, implying a potential strong bounce if reached.

Current price check and zone assessment

• Current price: $20.40
• Zone 1 (20.0–21.0): Touched; acting as near-term support; requires a bounce above this zone to renew upside momentum.
• Zone 2 (18.5–19.5): Touched in the past; remains a valid secondary support in case of a deeper pullback.
• Zone 3 (16.5–17.5): Not observed in recent sessions; represents a deeper pullback target if downside pressure continues.

Notes on the alignment of levels with technical references

• The near-term zone around $20.5 sits just above the 50-day MA, which commonly acts as a dynamic support in uptrends.
• The $18.5–$19.5 area aligns with prior consolidation and volume clusters—areas where buyers previously stepped in.
• The $16.5–$17.5 zone corresponds to a longer-term base that could attract longer-term buyers if price degradation accelerates.
• Any breakout above the recent highs in the upper $20s (toward the mid-to-high $20s) would reinforce a stronger bullish tilt toward resistance levels near $25–$28 and beyond.

Technical Outlook & Summary

• Price Action Context

  • Bullish longer-term trend remains intact with a recent pause in the upmove. Price is consolidating near the $20 level after a strong rally into late January.
  • A break above the recent high and sustained upward momentum would imply continuation toward the upper-$20s and potential test of the next resistance cluster in the mid-$20s to high-$20s.

• Volume Context

  • Higher volume on up-days during the rally supports accumulation. Current subdued volume during consolidation is typical; a breakout accompanied by rising volume would strengthen the upside case.

• Technical Signals

  • Primary bullish backdrop: price above both 50-day and 200-day moving averages.
  • Near-term caution: MACD shows a mild bearish cross with a small negative histogram, suggesting a pause rather than immediate weakness; RSI near neutral indicates room for move in either direction.
  • Key catalysts: a daily close above the upper-$20s resistance level would be constructive; a close below the near-term support around $20 could signal a deeper pullback toward $18.5–$19.0.

• Final take

  • The technical setup favors a continuation scenario as long as price defends the $20 area and can re-assert buying interest around the 50-day MA. Watch for a volume-led breakout above the recent highs to confirm a fresh leg higher. Conversely, a sustained break below the $18.5–$19.0 zone would shift the balance toward a deeper correction toward the $16.5–$17.5 range.

Notes

• Data reflects the current session context with the latest price around $20.40 and indicators as cited. All levels are approximate and should be monitored with intraday action and volume cues.

If you’d like, I can update the analysis with real-time intraday checks or adjust buy/sell levels based on a tighter or broader risk tolerance.