SSRI was another of my top 10 mining stock picks from June 26th which also bottomed around that level. As this silver mining stock is now up about 40% from that point without hardly a pullback (short-term overbought) and at the first decent resistance level, consider booking partial or full profits and/or raising stops, depending on your trading plan. Like most of the miners, SSRI only just recently broke out of a bullish falling wedge or channel (wedge in the case of SSRI) on the daily frame which would indicate more upside over time from a pure technical perspective. However, I have my concerns about the longevity or this rally in the sector but more importantly, I am booking some profits here because of large gains in short order coupled with the near-term overbought nature and the fact that both GLD & SLV are each approaching a considerable resistance level. Updated daily chart shown here. All four targets (T4 being the 4th and final target) are shown on the chart with the exact suggested profit taking levels to be added asap.
