It is Hi-Yo Silver Miners Time for miners? We could find out real soon, as Silver Miners ETF (SIL) is testing a key breakout level.
The sharp decline in March saw SIL test the 2015 lows, creating the potential for a long-term double bottom.
This chart from Marketsmith.com and Investors.com reflects that line (1) has played the role of support and resistance numerous times over the past 7-years.
The sharp counter-trend rally over the past two months has SIL testing line (1) again at (2) as resistance.
Is it HI-Yo Silver miners time? If SIL succeeds in breaking out at (2), look for it to attract a good deal of buyers!
