iShares Silver Trust (SLV)

[JLS]

Sure enough,

One day later, silver gaps lower and drops out of the bottom of the blue horizontal channel.

Yesterday's full gap higher meant nothing. SLV also bounced lower intraday yesterday off of a trio of overhead long-term moving averages, SMA(50,100,200).



My advice is do not go long silver until it reverses off the lower inclining blue line. That's exactly what I did last December for my last SLV trade.

Regarding a Short (or Put) trade, I would short-trade any touch of the upper declining blue line or the (soon to converge) horizontal red line. It could take many weeks before SLV gets there.