iShares Silver Trust ETF Forecast
Green day on Friday for iShares Silver Trust ETF after gaining 1.35%
(Updated on Apr 19, 2024)
The iShares Silver Trust ETF price gained 1.35% on the last trading day (Friday, 19th Apr 2024), rising from $25.86 to $26.21. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 1.61% from a day low at $25.90 to a day high of $26.32. The price has risen in 7 of the last 10 days and is up by 4.71% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 29 million shares were bought and sold for approximately $760.93 million.
The ETF lies in the upper part of a wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $26.78 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 27.46% during the next 3 months and, with a 90% probability hold a price between $30.46 and $34.14 at the end of this 3-month period.
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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 $25.97 and $23.66. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Monday, April 15, 2024, and so far it has fallen -0.757%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for iShares Silver Trust ETF
iShares Silver Trust finds support from accumulated volume at $25.63 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.416 between high and low, or 1.61%. For the last week, the ETF has had daily average volatility of 2.11%.
The iShares Silver Trust ETF is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: $25.23 (-3.72%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (SLV) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect iShares Silver Trust to open at $26.14, and during the day (based on 14 day Average True Range), to move between $25.58 and $26.84, which gives a possible trading interval of +/-$0.634 (+/-2.42%) up or down from last closing price. If iShares Silver Trust takes out the full calculated possible swing range there will be an estimated 4.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $26.41 (0.76%) than the support at $25.63 (2.21%), 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.
Current score: 2.932 Buy Candidate Unchanged
Predicted Opening Price for iShares Silver Trust of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| $26.14 ( 0.248%) | $26.21 |
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 | 26.56 | 1.34 % | |
| R2 | 26.40 | 0.732 % | ||
| R1 | 26.30 | 0.358 % | ||
| Current price: | 26.21 | |||
| Support | S1 | 25.99 | -0.85 % | |
| S2 | 25.89 | -1.23 % | ||
| S3 | 25.73 | -1.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 26.41 | 0.763 % | ||
| Current price | 26.21 | |||
| Support | S1 | 25.63 | -2.21% | |
| S2 | 24.73 | -5.65% | ||
| S3 | 23.84 | -9.04% |
FAQ
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