NEWWAVESLV Inv H and S showing strong upside to R5.54Inv H and S has formed on the NEWWAVESLV. And the price has recently broken above the neckline.
We can expect a retest to the support (which was resistance) before the next move up.
Other indicators show upside to come including:
7>21>200
RSI>50
My first target is to R5.54 - Bullish Biased
ABOUT THE NEW WAVE SLV ETN
The NewWave Silver ETN is issued by Absa Bank Limited.
ETNs such as this one are unsecured debt securities that promise to pay the return of a specific index, minus investor fees.
NewWave Silver ETN aims to provide investment results that closely correspond to the performance of the silver price in dollars.
This ETN is designed to track the price of silver and provides a way for investors to gain exposure to the silver market without having to physically own the metal.
The ETN is subject to the credit risk of Absa Bank. In other words, if Absa Bank were to default or become insolvent, investors may lose some or all of their investment.
Unlike exchange-traded funds (ETFs), ETNs like NewWave Silver don't actually own any underlying assets. Instead, they're backed by the issuer – in this case, Absa Bank.
The silver price is influenced by several factors including supply and demand dynamics, market sentiment, the strength of the U.S. dollar, and economic and geopolitical events.
