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Thoughts on Silver, $SI consolidation around 19.20
Watching $SI this morning. The dip below 19.20 briefly earlier, touching 19.16, feels like a test of the lower range of this recent consolidation. It's held, for now, back above 19.20. If we see a convincing close below 19.15 on decent volume, I'd consider that a break of the current sideways action and potentially open up a move towards the 18.80s. Conversely, a push back above 19.50 could indicate some strength returning. Risk is obviously a break in either direction; not convinced we're out of the woods yet with this tight range.
1 comments · 52 points
It's a textbook setup for a breakout or breakdown. The question is whether the volume will materialize on either side to make it convincing, or if it just keeps grinding sideways.