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Bullish Opportunity in Silver ETF

|Includes:AGQ, SIL, iShares Silver Trust ETF (SLV)
scott

Scott Pluschau is a Contributing Editor to the ETF Digest.

 
 
Scott was a financial advisor with Citi. His technical analysis report on the Nasdaq Composite Index was featured by Dr. Marc Faber in his June 1, 2011 Gloom, Boom & Doom report. Scott earned his degree in Accounting and Taxation from Pace University. He lives on Long Island with his wife Ilona, daughter Olivia and son Henry.


 

 

The opportunities to get long on favorable bullish setups in silver are heating up. The daily chart has now formed a Bullish "Inverted Head and Shoulders" pricing pattern that I have noted on the daily chart. The Bears seem to have run out of gas when they formed the recent "Head" on a decrease in volume from the left shoulder. The right shoulder also shows a lack of commitment from the Bears again. See chart below. The pressure is now on the Bears.

 
Stocks: SLV, SIL, AGQ