SIL (Global X Silver Miners ETF) is offering an objective long entry or add-on to an existing position as it backtest the primary downtrend line. SIL was one of the top picks in the mining sector added to the Live Chart page in December while the sector was bottoming. SIL went on to hit both the first target (downtrend line) and then hit and far exceeded the second target (T2) before reversing just shy of T3 (15.43). SIL has almost reached the 61.8% retracement of the strong run from the Dec lows to the Feb 24th high, which is near the lower-end of a healthy retracement for what could prove to be the initial leg of a new bull market (which of course, is still yet TBD but remains my preferred scenario at this time). As such, a long entry or add-on around current levels with the appropriate stops below looks to offer an attractive R/R for swing traders and longer-term investors targeting T3 or T4.
Click here to view the live chart of SIL (silver miners ETF)
Click here to view the live chart of $SIVLER (spot silver prices)
SIL daily March 27th,