One for the #silver bugs. The $SIL / $SLV ratio looking to post back-to-back weekly closes above horizontal resistance.
Silver miners outperforming silver: #notbearish
SIL - Silver Miners are now breaking out of a multi-year downtrend started in April 2011. Silver itself has little resistance on its way up to $21. The last time silver was at $19.50, SIL was in the $38 to $44 range. Now is the chance for silver miners to finally catch up in value to the silver price.
The Silver Miner's ETF SIL has shown a powerful upside breakout this summer,
and the upside potential is just now being recognized.
This comes after a major accumulation of "supply"
in late 2018,by Big Money Commercials.
Daily Line Break Chart shown here,
shows a compelling bullish breakout,of a rounded bottom formation.
Note the successive "green bar" upside...
Markets are correlated. US equities have been staving off another major decline for the last few months, and conversely, precious metals--although impacted by a rising dollar--remain long-term bullish. We can see a nice wedge-type formation here of bullish implications. It's full target is about 40% above current prices, but then full targets are not necessarily...
The capitulation volume (noted with arrows) got absorbed with very little price decline and the market moved strongly moved higher the following weeks. Very likely this is the start of new trend - caught early. Regardless, It is certainly an amazing RR trade, cut if a weekly candle closes below 29. Safer to wait for trend confirmation but will dramatically...
