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Archive
- 11/8/2024 -
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iShares Silver Trust (SLV) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the iShares Silver Trust (SLV). During the week, the SLV dropped -1.06 points, or -3.59%, and closed at 28.48 on Friday, November 8, 2024. Weekly volume was -11% below average.
 Long-term trend: [See SLV long-term trend chart]
A long-term uptrend had started on March 18, 2020 at 10.86 and reached 31.80 on October 22, 2024. SLV gained -20.94 points, or -192.82%, in 239 weeks. The chart has formed a Symmetric Triangle chart pattern. The uptrend resistance line (21.33) is broken. Usually a broken resistance is considered to be a long-term bullish signal, although a short-term pull back is possible. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See SLV medium-term trend chart]
A medium-term uptrend had started on September 1, 2022 at 16.19 and reached 31.80 on October 22, 2024. SLV gained -15.61 points, or -96.42%, in 111 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 22.12 and resistance is at 31.98. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See SLV weekly technical indicators chart]
Weekly technical indicators are neutral. During the last week, weekly Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Lane's Stochastic help.
The weekly MACD line is above its signal line since September 27, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
Short-term trend: [See SLV short-term trend chart]
A short-term uptrend had started on August 7, 2024 at 24.25 and reached 31.80 on October 22, 2024. SLV gained -7.55 points, or -31.13%, in 76 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 27.99 and resistance is at 33.25. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a short-term trend.
 Daily Technical Indicators: [See SLV daily technical indicators chart]
Daily Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Lane's Stochastic.
The daily MACD line is below its signal line since October 30, 2024. The distance between MACD and the signal line is relatively high and getting bigger.
During the last week, the price has crossed below the 50 Day Moving Average. While the medium-term trend is up and daily technical indicators are oversold, the 50 Day Moving Average is considered a support level. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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