iShares Silver Trust (ETF) (NYSEMKT:SLV)

CAPS Rating: 2 out of 5

Exchange traded fund


Player Avatar Acolin (47.58) Submitted: 12/31/2012 12:16:47 PM : Underperform Start Price: $29.10 SLV Score: +94.18

Even now, more of an industrial metal than currency, investment demand for Silver still has not overwhelmed the market. Yet Silver had an incredible ride. Its price has gone up five-fold in just four years! But the shiny metal has also lost about half its value in 2011. And two attempts to recover in 2012 resulted in failure. In an up-down, see-saw W pattern since then, the long-term futures chart is now SIDEWAYS between $27 and 35. The weekly chart worked itself into a corner in summer 2012, failed to break $35 and slumped back down. The long-term market trend, based on a 45-day moving average, is DOWN. The short-term market trend, based on a five-day moving average, is DOWN. Volume is trending lower. In general this is BEARISH. On the daily charts, although perhaps oversold, the market is extremely BEARISH. Trading SIDWAYS this past week, there may be support near $30, but the trend is sharply DOWN.

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