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Commodities

iShares Silver Trust ($SLV) : Watch the H

SLV seems to be trading within the range.

This may provide a good opportunity to take a position.

On the Ichimoku Daily Chart, SLV is in the bearish zone under the kumo.

Resistance from the kumo is around $36 and $40

However, on the Ichimoku Weekly Chart, SLV bullish trend is still intact.

 

One thing to be careful on the Weekly Chart is that a letter ‘h’ seems to be forming.

If it breaks downwards, the bearish outlook will continue.

I will try to look for an bullish entry around $32 and keep a tight stop loss.