Silvercrest Metals Inc. - (SIL.TO) - January 5, 2021
Silvercrest Metals (SIL.TO) has returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report for the first time since August after moving up 17 spots yesterday. The shares have climbed 159 places in the last month, driving up out of the red zone.
A breakaway gap to a new all-time high for Silvercrest Metals (SIL.TO) has ended six months of consolidation in the $11.00 to $14.50 range with an exclamation mark, signaling the start of a new advance.
Next potential upside resistance tests on trend appear near $17.00, $18.00, the $20.00 round number, and $21.50 based on measured moves and double counts from the recent trading range building on breakouts over $14.00 and $14.50. This previous resistance range has now reversed polarity to become an initial zone of support.
A major breakout is underway in Silvercrest Metals (SIL.TO) shares which have soared up from near $10.75 toward $15.75 in recent weeks, and yesterday broke through their previous high near $14.50 a resistance level that had been in place since July. A number of bullish pattern breakouts remain active currently including a Spread Triple Top, two Spread Double Tops and a Double Top.
With a new advance underway, next potential resistance may appear on trend near $17.30 based on a vertical count, and the $19.90 to $20.00 area where a horizontal count and a round number converge. Initial support appears in the $13.90 to $14.50 area where a 3-box reversal and previous breakout points cluster.
With a bullish SMAX score of 8, SIL.TO is exhibiting near-term strength against the asset classes.
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