IShares Silver Trust (SLV) : Buy @ $3048

Trading Central
updated | Author's Website

REBOUND EXPECTED

From a technical view, the ETF is bouncing off its 50% Fibonacci retracement set at 29.75.



Regarding technical indicators, the daily RSI is reversing up from a strong support area while the daily MACD is facing a support level. The 50D moving average (blue line) is still rising and maintains upward momentum.



On a relative basis against the IVV S&P500, the iShares Silver Trust is facing its 50% Fibonacci retracement and looks set for a rebound.



Trading strategy:

Buy @ $30.48 – Stop loss @ $29.50 – Target @ $34.15

Copyright 1999 – 2012 TRADING CENTRAL

You may also like: