Silver Wheaton (SLW) has extended yesterday's upside reversal action and pierced its April resistance line at 42.60, but has not yet accelerated from the upside breakout level.

The ability to do that will provide additional evidence that a major correction ended on April 26 at 39.98, and that a new upleg is in progress that will motor to and through key resistance at 43.85-44.00, on the way to a retest of the April high at 47.60.

By Mike Paulenoff

Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.

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