Investing.com - Financial Markets Worldwide
June's AI-picked stock updates now live. See what's new in Tech Titans, up 28.5% year to date.Unlock Stocks

Bullish Indicator For IShares Silver Trust

ByFrank Kollar
Published 05/22/2013, 01:59 AM
Updated 07/09/2023, 06:31 AM
SI
-
SLVh
-

Shares of IShares Silver Trust (SLV) posted an interesting bullish chart pattern on Monday, May 20th.

There has been little in the way of bullish anything for SLV since back in August 2012. With the exception of a few bullish weeks, the trend has been decisively down.

The pattern we noticed yesterday is on the daily chart. It was a bullish outside reversal day. This occurs when the intra-day lows and highs were greater than the prior day's trading range and the close was at the highs.

In this case, it occurred after an extremely bearish month, and the day opened at a new trading low. The direction changed and SLV closed dramatically higher than even the prior three trading days.

SLV
Typically such days are followed by a change in trend, at least for awhile and sometimes for a new sustained trend.

We need to see follow through to confirm a change in trend. As of Tuesday, May 21st, we do not have confirmation.

It is worth keeping an eye on SLV for a possible bullish trade.

Disclosure: The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy does not have a position in the IShares Silver Trust.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.