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The Silver Miners are Ripe for Breakout

Scott Pluschau | Sunday, August 11th -

The Silver Miners Exchange Traded Fund symbol SIL looks ripe for a breakout from a Bullish reversal pattern on the Daily chart. This pattern is what I call an "Inverted Head and Double Shoulders pattern" which is highlighted by the blue text notes on the chart below. The neckline is a trendline drawn off the peaks in this pattern and the breakout point signals the potential change in trend.

Notice on the chart below in the blue rectangles on the lower sub-graph the Volume was heavy with the bearish price action when forming the left shoulder of the pattern, and recently we have seen increasing volume when forming the right shoulder with bullish price action. This is what you want to see at this point. Now what is most important will be a breakout through the neckline with another surge in volume.

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