Silver Price Chart Building Up More Pattern Pressure

Silver is behaving similarly to Gold here as it has not immediately moved higher but instead is displaying a propensity to consolidate a bit more in order to build up more pattern pressure. That’s actually a good thing as building a sound base will provide a much better set-up for prices to move higher. If price ultimately does break out to the upside from the consolidation pattern, that surge higher will be much more sustainable. We will see what happens. Here’s the updated chart for Silver with my annotations:

Up-to-date Silver price chart on my public list.

This week, instead of posting a weekend reading selection I decided to add the following sector overview charts to my public list:

• Uranium  IV. – Sector Overview Chart
• Mobile Internet – Sector Overview Chart

For the Mobile Internet components check my updated post: Mobile Internet Growth Investment Theme. The new stocks included in the third and fourth Uranium sector overview charts are the following:

• URA – Uranium ETF
• MGA.TO – Mega Uranium
• UWE.V – U3O8 Corp.
• TUE.V – Titan Uranium
• JNN.V – JNR Resources
• BAN.TO – Bannerman Resources
• CXZ – Crosshair Exploration (Uranium Sector Overview Chart III.)

Another commodity in the natural resources sector I am starting to get more bullish on is Natural Gas. By far the most hated commodity around. The charts of various stocks in that sector clearly refuse to go lower and some have actually started to break out to the upside. Same situation as with Uranium. This is the exact opposite of a crowded trade. More soon.

• Natural Gas – Sector Overview Chart

It is better to be more interested in the market’s reaction to new information than in the piece of news itself. – Linda Bradford Raschke

My public list with all my charts can be viewed here:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2791469

Buenas noches!