SIK11 – May Silver (Last:36.285)

May Silver (SIK11) price chart with targetsYesterday’s rally would have been even more bullish if buyers had not gotten cold feet three cents shy of the 36.505 peak recorded on March 13.  They can probably be forgiven, however, because any resistance at this peak was actively backstopped by two others just above it: at 36.550 on 3/8, and at 36.745 on 3/7. We’ll wait and see how bulls handle these supply points, but the futures may need to impulse correctively on the hourly chart in order to get some running room.  If so, the ‘p’ midpoint of any corrective c-d could provide a great opportunity to get long.  Incidentally and FYI, trading aggressively one could have been long from 36.325, based on the camouflage pattern shown in the chart.