The configuration looked tricky from a technical perspective, but the ETF faced a major support area set around $17.00/17.60. This support area matched the neckline of a reverse Head & Shoulders pattern validated in 2010. The 76.4% Fibonacci retracement of the entire bullish run started in 2008. Regarding technical indicators, the weekly RSI was way oversold and the daily MACD wass going to push above its signal line. On a relative basis against the IVV S&P500, the iShares Silver Trust was strongly oversold, and the bearish trend needed a corrective recovery. Trading strategy for Friday, July 5: Buy @ $18.17 - Stop loss @ $17 - Target @ $25.05