tzietiew, If 20.57 is the low , with the fib tool aligned at the bottom of the gap, 21.70 today and 22.17 tomorrow as a first guess, see what develops along the way. We got a bit of a volume apex at 20.57 and didn't at 20.65, I should have noticed. Puts 22.88 off until late next week.
I am thinking SLW is floundering around a bottom with recent lows around $19.55 being a floor and a few bucks can be made cycling options. I redrew an upper down trending resistance line from the high on Sept 19 and the high on Jan 3 giving the next upper resistance around $21.45 ( my pencil is not too sharp). I can not believe that all the news stories and blogs about demand being up and mine shortfalls to supply that demand won't reconcile at some point. Timing that reconciliation is the tough part if not impossible.
Silver inventories are at 17 year highs....thats when silver was under 4..thats when i was buying.......slw here is over valued by 5-6 dollars with inventories so high.....silver is bloated by 5 dollars at least