Metal Vs Miners

Silver Miners (SIL) broke out a 2 months Head & Shoulders bottom in mid January signaling that a reversal of trend was in place. Problem is Silver metal (SLV) did not confirm the pattern or the reversal in that case, instead the metal continues to trade in a tight range rectangle. A continued drop in equities in general plus a breakdown of Silver from its rectangle could spell trouble for SIL. A further sign of weakness is the throwback of SIL to test the H&S bottom neckline at 11.80.

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silvvsminers

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