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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) Reverses from Support  0 comments
    Sep 7, 2011 1:48 PM | about stocks: SLV

    September 8, 2011

    Shares of Ishares Silver Trust (NYSE: SLV) have a bullish pattern on their daily chart that points to a likely big move ahead.

    SLV has been recovering from its steep May decline and over the past two months has had three pullbacks to higher lows, on June 27, Aug 9 and Aug 24. If you draw a line through the lows you get a rising trend support line. In the current selloff SLV again reached the rising support line (on September 7) and reversed from a higher low.

    Also, if you draw a line between the April rally highs and the August 22 rally highs, you get a declining trend resistance line.

    A break of either would likely result in follow-through buying or selling, in the direction of the break, in coming weeks.

    Resistance is currently at about $42 and support at about $39.00.

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

    Stocks: SLV
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