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Today’s strength in the iShares Silver Trust ETF (NYSE: SLV) argues that all of the action from the May 12 rally peak at 14.06 to yesterday’s low at 13.42 represents a completed pullback within the upleg that started after the April 17 low at 11.64. My overall work in the SLV points to another upmove (that likely started today) that should hurdle key resistance at the prior high (14.06) on the way to an assault on the February high of 14.45. Let’s notice that if silver prices and the SLV really attract buying interest, then a vertical thrust towards the top of the Oct-May price channel could very well unfold – propelling the SLV to 15.50-16.00. Only a reversal and decline that breaks yesterday’s pullback low at 13.42 will compromise the very constructive technical 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!
