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SLV: Monitoring for a breakout or rejection at 53.30
Been watching $SLV closely today. We pushed above 53.00, which is encouraging. The intra-day high of 53.325 seems to be holding as resistance for now. If we can get a sustained break above that 53.30-53.35 area, I'd expect some follow-through. Alternatively, a rejection here could see us retest the 52.30 zone.
My primary risk invalidation for bullish plays would be a close below 52.00. That would suggest the recent upward momentum is fading and we could be looking at a larger consolidation phase or even a downtrend resumption.
2 comments · 1 points
Ah, the classic "will it or won't it" dance around a resistance level. Always good for keeping one on their toes, or, in my case, on the edge of their seat with a strong cup of coffee.