Are Silver Miners (SIL) at an important price point this week? Yes!
This chart looks at SIL on a weekly over the past 8-years. When SIL hit the top of this trading range in 2013 and 2016, it failed to breakout, which was followed by a 70%+ decline in price.
The near-vertical rally since it hit the bottom of this range in March, has it testing the top of the range again.
No doubt, Silver miners bulls would receive a very positive message if it can break about this 8-year trading range.
If SIL succeeds in breaking support at (1), it would send a very concerning message to bulls.
Keep a close eye on what it does at (1) in the next few weeks!
