Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Is Silver Breaking Out?

Let's notice that spot iShares Silver Trust (SLV) appears to be on the verge of upside acceleration after climbing above its 16-month resistance.

The week-long high-level consolidation area above the trendline is a very encouraging sign that spot Silver has freed itself from the grasp of an intermediate-term correction ahead of another upleg that should revisit 37.50 in a hurry.

Meanwhile, the Silver Wheaton Corp. (SLW) still must rally to 36.30 just to confront its 16-month resistance line, which should be hurdled in route to 40.00/25 thereafter.

My near-term pattern work argues that SLW ended a week-long high-level correction, and this morning started a new up-move within the upleg that began at the May 16, 2012, pivot low at 22.94.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!