Silver, along with gold and crude oil have been resurrecting their depressed prices in 2016. Silver alone is up better than 50% this year and the metal is just hitting its stride. The miners have also benefited greatly from the rise in the precious metal, the best of the bunch being Silver Wheaton. This company is one of the largest out there and has been rising sharply since the lows put in January.
The uptrend channel is well defined, and while we are at the top of it the price action has been spectacular.
Volume has been swelling of late and the recent breakout past 22 was impressive and was guided by the MACD buy signal. Momentum indicators are overbought and the RSI is super strong here, this stock may pull back some to that 22 area again soon. But that may be a nice entry point. As long as silver keeps running, and there is some tremendous demand for it – we could see Silver Wheaton continue onward. The 2011 highs would not be out of the question.
