Sunday, October 17, 2010

iShares Silver Trust SLV Oct 17, 2010

iShares Silver ETF SLV, Oct 17, 2010

The bullish trend continues with the precious metals market as seen with this SLV chart. On Friday, SLV was down .28, all of the technical indicators are still intact and suggest a continued trend higher. Stochastics are embedded and the price is above all three moving averages of 15, 50 and 100.
As noted in previous posts and analysis on XSLV and SLV, a fibonacci drawn from the lows in 2008 to the highs in late 2009 sets the 161.8 level at ~$25.60. When and if this level is realized, it often presents a resistance level and may pull back or consolidate before heading onto higher levels.

The bull run from late August 24th of $17.48 to a potential $25.60 is $8.12 per share, a nice little profit for all of those that have invested in this ETF.

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