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Silver: The current formation is Bullish

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NEW YORK (Scrap Register): The technical-chart formation in Comex silver futures is bullish, said Ira Epstein division of Linn & Associates in a research note.

July silver initiated new upside PriceCounts last week when it moved above $16.95. The first upside PriceCount of $17.46 was nearly met Thursday as prices hit a high of $17.425.

The second objective is $17.90, which also coincides with the high seen in January. Upside PriceCounts remain in place as long as July futures do not trade below $16.49, Epstein added.

The current formation in silver is bullish not only because new upside PriceCounts been activated, but also because an inverted head-and-shoulders bottom has formed.

Pullbacks into the February and March highs offer a zone for traders to consider new bullish options strategies.

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