SLV closes higher for the 3rd day in a row
iShares Silver Trust (SLV) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SLV ended Tuesday at 14.07 gaining $0.01 (0.07%) on high volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (SLV as at Apr 16, 2019):
Tuesday's trading range has been $0.11 (0.79%), that's slightly below the last trading month's daily average range of $0.13. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SLV.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
After having been unable to move above 14.10 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 14.08. The last time this happened on April 12th, SLV actually gained 0.07% on the following trading day.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling might accelerate should prices move below the close-by swing low at 13.92 where further sell stops could get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for SLV. Out of 266 times, SLV closed higher 50.75% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.14% with an average market move of 1.11%.