Silver Miners ETF Testing Key Breakout Level
Chris Kimble | Apr 30, 2020 10:58AM ET
Is it Hi-Yo silver miners Time for miners? We could find out soon, as Silver Miners ETF (NYSE:SIL) is testing a key breakout level.
The sharp decline in March saw SIL test the 2015 lows, creating the potential for a long-term double bottom.
This chart from reflects that line (1) has played the role of support and resistance numerous times over the past 7 years.
The sharp counter-trend rally over the past two months has SIL testing line (1) again at (2) as resistance.
Is it HI-Yo silver miners time? If SIL succeeds in breaking out at (2), look for it to attract a good deal of buyers.
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