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iShares Silver Trust

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SLV trade ideas

LONG SLV (iShares Silver Trust) - very bullish!AMEX:SLV price action is showing a strong bullish flag on the monthly time-frame. Due to the macroeconomic environment, very high inflation rates, and high gold:silver ratio, I am expecting the SLV price to break the bullish flag on the upwards side. If this happens, we can look at the following levels for taking profit: Take profit level 1: $22.35 Take profit level 2: $24.48 Take profit level 3: $26.44 Take profit level 4: $27.80 Take profit level 5: $31.08 Take profit level 6: $33.00 Those levels were drawn in accordance to various resistance levels. Good luck, Your Ganbu ⚠️ Let me know your feedback and comments below! ⚠️ Follow me if you would like to see more analysis like this
AMEX:SLVLong
by Ganbu
Silver OutlookSilver is looking very good right now. On the monthly time frame rsi looks very good. It is bouncing on 50 and staying above. This shows a lot of strength. Also we are in an are of support from previous resistance. We are also in the zone where most patterns gain support. In this case we have a W pattern that reached its first target. The .382 retracement. We would then expect a pull back into an area of support. (this is happening) Now we are seeing a buyers fighting the sellers once we have a clear indication that the buyers will win we will look to join them. The next target we have would be 36. This is the second target of the .618 retracement. We will likely see resistance in this area as well.
AMEX:SLVLong
by OGJD3
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