Silver Next Leg Up?

April 5th we saw another big day on the NASDAQ as it took new highs, However Silver and silver stocks seemed to lag. let’s take a look at the consolidation after last weeks big move.

Silver shows major pull backs and bounces within it’s 22.90-23.18 range. we can see it double bottomed at 22.90, then rallies into the close.

Silver traded well below the 150 day average volume with just 13.8 million shares traded today with the 150 day average being 35 million. The 5 DAY chart also has a gap to fill at 22.70 I think this could be filled this week before continuing higher. We have our first resistance point at 23.23 2nd resistance at 23.37 and 3rd resistance at 23.54. First support can be found at 22.92, 2nd support level at 22.75 and 3rd support level at 22.61. SLV closed at 23.09 I think we will consolidate at these levels before any significant move.

Disclaimer: I am not a financial advisor and am stating my opinions based on what I see in the charts. You may lose your entire investment by trading off my information. I currently do not hold any SLV positions.