SIH11 – March Silver (Last:29.795)

March Silver (SIH11) price chart with targetsAutumn’s feverish momentum has been broken, but take a good look at the weekly chart if you think that something exceptional happened yesterday. Sure, Comex Silver closed $1.61 lower on the day. But that wasn’t enough,  even, to bring the futures down to the trendline we’ve been watching for the last several weeks.   It will come in around 29.095 today, and so we’ll use that number as a minimum downside target.  Because a bounce from somewhere near the support seems likely, it will make an excellent reference point for anyone inclined to bottom-fish using camouflage.