Friday’s blast through p=23.03 clinched more upside to at least 24.08, the unexciting target of the pattern shown. That would amount to a rally of just 60 cents, but if the futures thrust past this ‘hidden resistance’, we could look for a test of the peak at 24.895 recorded on December 22. It’s too early to start counting our chickens, especially given the way the futures have underperformed since early December. But our bias will be bullish for now. Since the last correction would have trashed a ‘mechanical’ bid at the green line, I won’t suggest attempting to buy there if the opportunity presents itself.
SIH24 – March Silver (Last:23.475)