SLV dominated by bulls lifting the market higher throughout the day


iShares Silver Trust (SLV) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team

Highlights

SLV dominated by bulls lifting the market higher throughout the day
SLV ends the day on a bullish note closing near the high of the day

Overview

SLV finished the month 33.16% higher at 22.65 after gaining $0.89 (4.09%) today. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (SLV as at Jul 31, 2020):

Daily technical analysis candlestick chart for iShares Silver Trust (SLV) as at Jul 31, 2020

Friday's trading range has been $0.56 (2.52%), that's slightly above the last trading month's daily average range of $0.49. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for SLV.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, SLV actually lost -0.88% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might speed up should prices move above the close-by swing high at 23.25 where further buy stops could get triggered.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for SLV. Out of 299 times, SLV closed lower 49.50% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 55.18% with an average market move of -0.06%.


Market Conditions for SLV as at Jul 31, 2020

Loading Market Conditions for SLV (iShares Silver Trust)...
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