Get started
iShares Silver TrustiShares Silver TrustiShares Silver Trust

iShares Silver Trust

No trades
See on Supercharts
Overview Analysis News
Ideas
Discussions Technicals Seasonals Options

SLV trade ideas

SLV Wave 4 Setting Up for move to 20Still holding an uptrending channel. Holding this level would be super positive, setting up for a wave 5 move to the top of the channel. By rule, Wave 4 cannot breach Wave 1 so while lower prices are still possible, impulse waves generally conform to the channel. As my long term outlook is for eventually testing the highs, I was buying Jan 2020 and Jan 2021 LEAP calls. Earlier write- discussed the double bottom pattern. To prove the double bottom formation, price would need to break through the last major high just under 20. My expectation was that it would pick up steam and run to fill on gap on SLV above 25.50. Not certain if gaps in SLV get filled like gaps in stocks since XAGUSD trades pretty much continuous. I was watching today to see how SLV would react to filling the gap. I was buying as that gap filled. It then rallied from their but backed down at the close of the day. So I'm thinking that gaps are valid and there may be a run to 25+ As 20 gets touched/breached, would expect some selling but also, as another poster wrote, buying above 20, a breakout level, was the strategy. As the five wave pattern completes, I'm expecting the ensuing correction to last around 3 months, possibly into next year, so I'm planning to liquidate the 2020 calls, holding on to the 2021s. Expect lots of great trading opportunities during that correction phase to build a large position in anticipation for a run to test the highs.
AMEX:SLVLong
by Glewis54
6
SLV Successful Test of LowsSLV had every opportunity to head down much lower today but upon filling the gap, prices immediately reversed. Analysis: Successful three day test of the low. Price should now rally to form a three week test of the highs. While daily closing prices might be higher, the weekly target price to surpass is only 17.15. Possible rally could/should move into the next week as well however if SLV rises above 17.15 and cannot hold that level, I will need to reassess my intermediate-term outlook Possible that market-moving news, i.e., Iran, could be an impetus for a sharp rally higher, but do believe that while the president talks tough, he is not likely to strike at Iran, at least not militarily. Such a move would be a dramatic game changer across the board.
AMEX:SLVLong
by Glewis54
SLV Will Buy the Dip Mentality Move to PMs?A more bullish view may place us in a minor wave 4 of a larger wave 3 structure with a test of the highs and the potential wave 5 coming in a couple of weeks. Some suggest that in commodities, wave 5 can be the strongest move. My longer term view (other posts) suggests a confirmation of the Major Double Bottom. To complete this formation, SLV must break above 20. As Central Banks continue to lower interest rates to negative levels, the move to precious metals should continue. With the gold/silver ratio so out of whack as it has been, it's possible that silver will eventually test the highs. SLV 2022 LEAPs are now listed. My patient money goes into LEAPs and physicals to take away my urge to trade my positions. Spreads are not friendly here resulting in stable long term positions.
AMEX:SLVLong
by Glewis54
1
My take on SLV Would love any feedback, I am still learning! Reasons I am bearish in the short-term: - The meteoric rise of Silver and SLV prices has had no time to develop strong support or resistance - Bearish Volume is increasing, both in raw vol but also in its reaction to bulls trying to recover - MACD is not looking healthy for hourly and the daily looks like it is going to converge soon - Bearish signal - Massive shooting star on the weekly chart - Hourly Stoch says oversold, but daily says overbought - Hourly MA(9,20,50) all looking not so great as the short term (MA9) has completely crossed the 20 and 50 - Forex Silver to USD (XAGUSD) is also barely holding support, and looks like it is starting to downtrend Reasons I am bullish: - Volatility is insane, so who knows Just some ideas, please leave a comment and let me know what YOU think! :)
AMEX:SLVShort
by optimal_bot