On the weekly chart you can see there is a long term down channel in SIL. But the on the recent low at 16 was above the precious low. And there was a bullish divergence in the weekly RSI. On the daily we have sort of a cup and saucer look. I would not be surprised to see a break up from here above the downtrend channel. If so a possible initial target is given. Drop below the short term uptrend line would be worrisome. Process you way.
Comment
⋅
Comment
⋅
Still in uptrend.
Comment
⋅
Resistance at top of the down channel line. A break up above the channel would be bullish.
Thanks. I really appreciate the updates! So after today looks like clear skies...
goodguy
⋅
@IRNY, thanks for the feedback. I wasn’t sure anyone read the follow up. The horizontal resistance line was broken today which is positive but the down channel line was not hopefully tomorrow. Take care.
@debergs, I favor we are in a short term sideways action (a few days) then up again. Will reconsider if we get a close below May 27 close. Best to you.