BVN and SQM

We received a request to revisit Compania de Minas Buenaventura S.A.A. (BVN) and Sociedad Quimica y Minera de Chile SA (SQM).

We flagged a big base breakout for BVN on the move above 18.84.17.90 with upside potential to pattern counts and retracement levels near 24 and 30 in Straight from the Chart on September 11, 2025. BVN has since exceeded these targets with the 61.8% retracement of the 2010-2016 decline the next target at 36.61. Above this level, BVN does not have much resistance until 49.50 (early and late 2011 peaks) and 57.20 (2010 high).

The immediate key for the bulls is holding above this week's upside gap at 33.25-32.20 since a move below the gap would suggest upside exhaustion for BVN after the stock's big rally. This gap provides a risk management level.

Chart 1: Compania de Minas Buenaventura S.A.A. (BVN): Weekly chart

Our Straight from the Chart blog highlighted a developing double bottom for the Global X Lithium & Battery Tech ETF (LIT) on August 26, 2025. We also flagged a bullish pattern for SQM, a major lithium producer based in Chile, in our October 17, 2025 The Stock Pulse.

SQM has tested and exceeded upside targets and retracement levels near 60-62, 66 and 72. This week, the stock tests the 61.8% retracement of the mid 2022-mid 2025 decline at 82.75. If SQM decisively clears this level, there is not much resistance until 98.66 (early 2003 peak) and the highs from 2022 int the 112.35 to 115.76 range.

The immediate key for the bulls is holding above this week's upside gap at 76.20-75.79 since a move below the gap would suggest upside exhaustion for SQM after the stock's big rally. This gap provides a risk management level.

Chart 2: Sociedad Quimica y Minera de Chile SA (SQM): Weekly chart