Silver Bulls Should Be Very Concerned If This Takes Place

(Click on image to enlarge)

Are Silver Miners (SIL) at an important price point this week? Yes.

This chart looks at SIL on a weekly over the past 8-years. When SIL hit the top of this trading range in 2013 and 2016, it failed to breakout, which was followed by a 70%+ decline in price.

The near-vertical rally since it hit the bottom of this range in March, has it testing the top of the range again.

No doubt, Silver miners bulls would receive a very positive message if it can break about this 8-year trading range.

If SIL succeeds in breaking support at (1), it would send a very concerning message to bulls.

Keep a close eye on what it does at (1) in the next few weeks!