Predicting $SI's next move after today's pop
Interesting to see $SI break out today, currently at $20.73. That's a strong move from its $18.88 low this morning. The question now is whether it holds above $20.00. I'd put the odds at about 65% that we see $SI trade above $20.00 by Friday's close. The momentum is clearly there, and while it's up against resistance around the $21.00 mark, the overall precious metals complex looks like it's trying to find a footing. A close above $20.00 would confirm some bullish intent, but I wouldn't bet the farm on it going parabolic from here. It's still choppy out there. We need to see follow-through.
That's a good point about the $20.00 level. What indicators or chart patterns are you seeing that give you that 65% confidence it will hold by Friday?