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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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  • Ishares Silver Trust (NYSE: SLV) Rallies to Resistance 0 comments
    Jul 5, 2011 5:58 PM | about stocks: SLV

    July 6, 2011

    Shares of Ishares Silver Trust (NYSE: SLV) closed at $34.63 on Tuesday, July 5, reaching an important resistance level.

    Since SLV’s dramatic early May decline, the ETF rallied to the end of May and has since been slowly easing lower with intermittent rallies.

    There have been four rally highs since the end of May. May 31, June 9, June 22 and July 5.

    If you draw a straight line through these highs and to the right of the chart, you get a declining trend resistance line.

    All attempts to rally above this declining line have failed.

    Should SLV manage to make a decisive close above this line, we could see a sustained advance for silver in coming weeks.

    Currently there is support at SLV 32.63.

    Support is currently at $30.00.

    http://www.fibtimer.com does not currently have a position in Ishares Silver Trust.

    Stocks: SLV
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