If you have been following my posts of late I have been mentioning that while gold and the miners were getting hammered, silver had been trading in a rather tight range.
Without further ado, the technical chart for silver.
Silver blasted through the upper Bollinger band and is well above the 18 day moving average. Trading above a Bollinger band is a BIG DEAL. The algorithm is designed to define the trading range.
As of now Silver has broken the range!
Rarely will silver trade above the upper Bollinger band for several days in a row BUT when it does it is an indication of a powerful move.
It will be interesting to see if silver can put on a power move or will trade sideways to get back within the Bollinger bands.
Above is a longer term chart showing the massive move that began in June through late August earlier this year. Notice how silver traded down and then sideways.
So the question is: "Did Silver just Break Out?"
Just some food for thought!
Peace out and stack on!