SIH11 – March Silver (Last:29.435)

March Silver (SIH11) price chart with targetsMarch Silver taunted and teased yesterday, breaching some minor supports while leaving a few more-important ones at 28.350 and lower intact.  Nothing so innocuous can be inferred from the way it crushed a supportive trendline we’ve been watching that goes back to Halloween.  The breach was more than would have been necessary to merely run stops, and so we must heed it as a sign of possible weakness creeping into the intermediate-term trend. We’ll continue to sift the evidence today, but a pop to at least 29.910 is needed to turn the hourly chart bullish. Indeed, anything less will be warning of a possible relapse.