Similar to GDX, SIL (Global X Silver Miners ETF) looks to be setting up for a possible counter-trend bounce. A break above the R2 (resistance) level would likely bring prices to the 11.90ish resistance zone. As such, SIL will be added as a Long Trade Setup with a sole price target of 11.80 at this time. A more aggressive entry would be on a break above the yellow contracting channel (R1) while a more conservative entry would be above 11.55 (just above R2). Another option would be to establish a partial position on a break of R1, adding to the position on a break above R2. Stops should be dependent on one’s average cost.
SIL 15 minute June 3rd