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By Mike Paulenoff, www.MPTrader.com
The iShares Silver ETF (AMEX: SLV) has carved out an intriguing pattern since early October, which has the look of a base, an attempted upside breakout, followed by a (recent) sideways consolidation (between 11.50 and 10.00). Some people might even call this pattern a "cup and handle," which if accurate means that after another few sessions of sideways digestion circling 10.50, the SLV should take off to the upside into a new upleg that propels prices towards 12.50 next. Only a breach of 10.00 will wreck the developing pattern set-up.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
