SIH11 – March Silver (Last:29.405)

March Silver price chart with targetsThe herky-jerky uptrend has become too tiresome to forecast, although it should be noted that yesterday’s head-fake, the fifth in as many days, failed to refresh the bull trend on the hourly chart. That would have taken an impulsive thrust above a small peak at 29.645 made December 14 on the way down, whereas the actual high occurred four cents lower, at 29.605.  Bottom-fishing could be attempted tonight at 29.180 if 29.460 hasn’t been exceeded to the upside first. My worse-case downside projection for the near term is 28.195, based on the trendline shown in the chart (which we acknowledged earlier).