SLV: A Well-Timed Heads-Up in Early May
by Mike Paulenoff
May 19, 2024 • 11:07 AM EDT
During the pre-market hours of May 8th, 2024, this is what I posted about SLV (iShares Silver Trust) to our members at MPTrader.com:
Time to focus on Silver (SLV) again for the initiation of a new upleg after the completion of a three-week pullback right to a successful test of 12-month support (see my attached charts), followed by an upside pivot reversal that has the right look of a resumption of the bull phase from October 2023. My 4-Hour setup work argues that SLV needs to climb and sustain above 25.15/35 to confirm the turn, while my Daily work shows the 4-year Big Picture setup that projects to a test of the Feb. 2021 high at 28.00. Finally, the attached seasonal chart of Gold (using 30 years of data) suggests that if this year is reasonably similar to the propensity of a directional move higher during the middle two weeks of May (since 1993), Gold and Silver should benefit from strong seasonal tailwinds into the May 21-24 timeframe... Last in SLV is 24.92...
Over the subsequent 10 days and 5 updates, SLV ripped higher, hitting an 11-year new high at 28.87, a full 16% above the price SLV was trading when I originally posted the heads-up to MPtrader members. My attached near and intermediate-term charts of SLV suggest strongly that the upleg my work anticipated and recognized on May 8th still has some unfinished business on the upside.
Join me this week for our ongoing analysis and discussions with MPTrader members about the prospects for SLV to climb to my next optimal target of 30-32, possibly en route to a vertical assault on SLV's 2011 high above 48!
Also, please join us for my technical set-up work ahead of high-profile earnings reports from PANW, M, LOW, TOL, TGT, and NVDA...
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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