Chris Kimble - Kimble Charting Solutions – Thu 16 May, 2019

Silver Miners; Can They Bounce From This Key Support Test?

This chart is from our good friend Chris Kimble over at Kimble Charting Solutions. He is outlining a key level that the silver miners need to bounce from or else we could be seeing lower levels and possibly a test of the 2015/2016 lows.

Silver Miners (SIL) have lost over 50% since the highs back in 2016. Is this large of a decline enough to present a buying opportunity?

No doubt the multi-year trend for SIL remains down at this time. The long-term decline and the decline over the past few months has it testing last years lows again at (1).

While testing the lows it finds itself at the apex of a falling wedge pattern at (1). Is a “Double Bottom”being attempted by SIL at the 2018 lows? In my humble opinion, it is too soon to tell, yet possible.

What would it take to suggest that a short-term counter-trend rally is taking shape? The first step would be to break above the top of the falling wedge pattern.

What would it take to send a renewed bearish message from SIL? A support failure at (1)!

What SIL does in the next couple of weeks could send an important message to Silver and Gold Miners (GDX)!!!

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