Hi,
This is my second publication on SILJ. I’ve identified an ascending inverse head and shoulders pattern, which can also be interpreted as a stronger W-formation with higher lows. The measured move from this setup points to a breakout that would clear multiple historic resistance levels on SILJ.
One consideration is the timing of share issuance in earlier periods, which may align with this recent price action. However, silver miners are clearly playing the catch-up trade to gold, and I expect these resistance levels to be taken out, with SILJ potentially making a new all-time high.
The recent surge in volume supports this view, suggesting further upside in both RSI and price. Confirmation would come from daily or 4H closes above the first resistance, likely flipping it into support. In that case, dip buying off re-tests of key resistance levels becomes the higher-probability trade.
I also recommend monitoring spot silver, which is eyeing the $50/oz level. Remember that miners generally lag the silver price due to earnings cycles—their performance is tied to how much silver was actually produced, which is inherently variable.
SILJ offers diversified exposure by averaging across a basket of junior miners, giving potential for outsized upside capture. I also like SIL and will provide a technical breakdown on that ETF next.
Regards,
R.
This is my second publication on SILJ. I’ve identified an ascending inverse head and shoulders pattern, which can also be interpreted as a stronger W-formation with higher lows. The measured move from this setup points to a breakout that would clear multiple historic resistance levels on SILJ.
One consideration is the timing of share issuance in earlier periods, which may align with this recent price action. However, silver miners are clearly playing the catch-up trade to gold, and I expect these resistance levels to be taken out, with SILJ potentially making a new all-time high.
The recent surge in volume supports this view, suggesting further upside in both RSI and price. Confirmation would come from daily or 4H closes above the first resistance, likely flipping it into support. In that case, dip buying off re-tests of key resistance levels becomes the higher-probability trade.
I also recommend monitoring spot silver, which is eyeing the $50/oz level. Remember that miners generally lag the silver price due to earnings cycles—their performance is tied to how much silver was actually produced, which is inherently variable.
SILJ offers diversified exposure by averaging across a basket of junior miners, giving potential for outsized upside capture. I also like SIL and will provide a technical breakdown on that ETF next.
Regards,
R.
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