Today’s Chart of the Day was shared on Twitter by Koyfin (@KoyfinCharts). It's a daily candlestick chart of the Silver Miners ETF ($SIL) over the past year. About a month ago, $SIL broke a key resistance level around $33 and quickly ran to $37 just a few days later. Since then, it has pulled back to retest that breakout level around $33. Koyfin points out that price has formed a continuation pattern known as a bull flag. Keep in mind this ETF saw a triple-digit rally in just nine weeks off of the March low. A consolidation or brief pause following that massive rally is healthy in order for price to continue higher. $33 remains a critical support level. If price holds above that level and breaks out of this bull flag, we could see another substantial leg higher for $SIL.
Chart of the Day - Thursday, June 18th, 2020
June 18, 2020
