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.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.