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Shared the chart above with Premium Members a few days ago, sharing that you would want to be on board the breakout. The above chart reflects that once SLV edged above the Gap fill at (1A) a breakout was at hand. A positive besides the breakout is the break above falling resistance in On-Balance-Volume.
SLV has an unfilled gap at $32.64 (which must be respected) and a huge gap at (2), which comes into play at $38!
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Members are owners of SLV on the breakout and XME due to its flag breakout and test of support on 1/17.
SLV is dealing with its first GAP today, so one should expect backing a filling. Will watch OBV very close here as a good clue to SLV upside potential. The pattern remains a positive.
Per hitting $50, I like the way you are thinking from a position bias perspective. We will look very close at harvesting at the big gap fill.
I have a hard time subscribing to the fill-the-gap theory on an ETF that trades for only part of the day but reflects an underlying commodity that trades 24 hours a day.
I too fully expect SLV to make a run at $50. Would you buy now or wait for a small pullback. On metals, I put 10% stop losses in place which would be just below the 50 DMA @ 29.54.
SLV has broken out of its BB.
What do you think? Is there any other for SLV besides the 50 DMA?($30)