Silver flying high...but claiming for some time off

Hi fellows,

Silver is currently trading very strongly after the so-called breakout above the recent symmetrical triangle.

I know a picture's worth a thousand words, but I'm really without the patience to be posting charts here...so allow me to stick with just words :)

Today the SLV closed flat at 20.29 after trading between 20.26 and 20.51. The all time high on the SLV chart is yet positioned at 20.73! We only need some miserable 0.22 points to reach that high from March 2008. My guess is that this will be a tough battle for bulls, because after today's close we may see a sell signal for some profits booking. My trend follower will trigger a sell at 20.02 so be prepared for that...

From a medium term look, silver may trade higher for quite some time...right now the technicals "smell" really good for bulls :)