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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • Higher Highs Ahead For iShares Silver Trust (NYSE: SLV) 0 comments
    Aug 28, 2012 1:25 PM | about stocks: SLV

    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.

    Stocks: SLV
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