So far so good. Expecting a pullback into the Keltner channel (wavey blue area) to the mid-point today or tomorrow (25th or 26th May). This would also retest the thin blue downtrend line, now support, before moving up higher.
Looking at SILJ (Junior Silver Miners) on a weekly candle basis, we can see that we are respecting the current arc that has formed since August 2020, silvers high.
This looks really bullish from a technical level. We just need to make sure we can exit this arc at around $17 and resume the upside to a target of $19.70.
Current price action broke the arc to the downside. This may end up being a false breakout.
We will require a quick reversal back up into the arc if this is to be. If not, then we have
a rising 50 day MA and a support around the second green circle.
Providing we hold support in the current zone, then I would like to think that we are going to move up and test the resistance line, bounce off and then try again. This time should break and progress to the $2400 sometime in Q2.