Silver overnight is trading up more than 10%, at the time of this writing. This is a big jump, and a breakout after a 5-month long consolidation period. SLV had already gone up 2 consecutive days last week on Thursday and Friday. This breakout looks like it has a lot more room to go. Let's visit the charts:
Daily Chart SLV
In after-hour trading, SLV is already trading above $27, which would be above the recent height set in August. If we look at the monthly chart:
Monthly Chart SLV
SLV's month chart shows a resistance at about $27.5, which is at about what SLV is trading in after-hours. We can see that the last time SLV broke above this resistance level in late 2010, it went all the way to $48. Now it is almost exactly 10 years later. Will the history repeat itself?
In August 2020, we booked solid profits on silver with the help of AGQ and I published an article about Bitcoin breaking out. We cashed out on the silver trade a switched to playing Bitcoin with GBTC. Here are the trades:
As you can see, we started this trade in February 2020 at prices between $11.69 and $12.69. We closed everything on January 6, 2021, as high as $41.68.
Now, I think Bitcoin will go into a consolidation period, and we can go back into the silver trade. We did a one-day, quick trade last week on AGQ:
with a +24% return. Now that silver has broken out (if the after-hours gains hold through Monday's close), I think there's much more room to ride.
We have also recently traded some nice trades on TLRY:
with gains as high as almost +500% in 2 weeks.
On the downside, we had a nice overnight trade on ISRG ...