August 29, 2012 (By Frank Kollar)
Shares of Ishares Silver Trust (NYSE: SLV) have rallied from correction lows near $25.00 a share. There could be higher highs ahead.
Those lows were reached back in January 2011, again in December 2011 and then most recently in June 2012 when prices touched $25.34 intra-day.
Could this be a solid bottom for SLV? That may be the case. SLV is now above both its 50-day and 200-day moving averages and is trading near 29.91 on Tuesday, August 28th as this article is being written.
There is resistance just ahead at $30.73, the 50% retracement of the just ended March to June correction.
Chart Courtesy of StockCharts.com
If SVL can close above $32.73 in coming weeks, it should then rise to its next resistance level at $32.11. A close above this would point to a run for the March highs near $35.00 a share.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy does not have a position in Ishares Silver Trust.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.