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Silver ETF Poised for Major Move
09/02/2011 9:00 am EST
Shares of iShares Silver Trust (SLV) are developing a pattern on their daily chart that points to a likely big move ahead.
SLV has been recovering from its steep May decline, and over the past two months has had three pullbacks to higher lows—June 27, August 9, and August 24.
If you draw a line through the lows, you get a rising trend support line.
Also, if you draw a line between the April rally highs and the August 22 rally highs, you get a declining trend resistance line. A break of either would likely result in follow-through buying or selling, in the direction of the break, in coming weeks.
Resistance is currently at about $42, and support at about $38.50.
Frank Kollar can be found at FibTimer.com.
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