iShares Silver Trust ETF Forecast
iShares Silver Trust ETF upgraded to Buy Candidate.
(Updated on Mar 28, 2024)
The iShares Silver Trust ETF price gained 1.07% on the last trading day (Thursday, 28th Mar 2024), rising from $22.51 to $22.75. During the last trading day the ETF fluctuated 1.72% from a day low at $22.42 to a day high of $22.80. The price has been going up and down for this period, and there has been a 0.09% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 17 million more shares were traded than the day before. In total, 29 million shares were bought and sold for approximately $658.85 million.
The ETF lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 8.88% during the next 3 months and, with a 90% probability hold a price between $23.05 and $25.56 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
SLV Signals & Forecast
The iShares Silver Trust ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $22.67 and $21.71. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 26, 2024, and so far it has risen 1.84%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for iShares Silver Trust ETF
On the downside, the ETF finds support just below today's level from accumulated volume at $21.21 and $20.94. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, iShares Silver Trust finds support just below today's level at $21.21. If this is broken, then the next support from accumulated volume will be at $20.94 and $20.82.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved $0.385 between high and low, or 1.72%. For the last week, the ETF has had daily average volatility of 1.25%.
Our recommended stop-loss: $21.57 (-5.20%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 2 days ago.)
Trading Expectations (SLV) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect iShares Silver Trust to open at $22.66, and during the day (based on 14 day Average True Range), to move between $22.35 and $23.15, which gives a possible trading interval of +/-$0.396 (+/-1.74%) up or down from last closing price. If iShares Silver Trust takes out the full calculated possible swing range there will be an estimated 3.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $22.79 (0.18%) than the support at $21.21 (6.77%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is iShares Silver Trust ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for iShares Silver Trust ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.183 Buy Candidate Upgraded
Predicted Opening Price for iShares Silver Trust of Monday, April 1, 2024
Fair opening price April 1, 2024 | Current price |
---|---|
$22.66 ( 0.418%) | $22.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SLV
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 23.04 | 1.27 % | |
R2 | 22.89 | 0.628 % | ||
R1 | 22.80 | 0.229 % | ||
Current price: | 22.75 | |||
Support | S1 | 22.51 | -1.06 % | |
S2 | 22.42 | -1.46 % | ||
S3 | 22.27 | -2.11 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 23.29 | 2.37 % | |
R2 | 23.03 | 1.23 % | ||
R1 | 22.79 | 0.176 % | ||
Current price | 22.75 | |||
Support | S1 | 21.21 | -6.77% | |
S2 | 20.94 | -7.96% | ||
S3 | 20.82 | -8.48% |
FAQ
Click here for our free guide on how to buy iShares Silver Trust ETF.