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| iShares Silver Trust ETF |
This ETF has formed a sturdy uptrend since the start of the year with a particularly neat series of higher highs and higher lows in place however yesterday's price movements have left many buyers vulnerable and doubting the strength of the existing trend.
The depth and size of yesterday's candle is a good indicator of the balance of power between buyers and sellers with the latter firmly in control. The stochastic has in place a triple top formation, confirms the flimsiness of buyers optimism.
All isn't lost as the 50 day moving average moves above a key support area of $16.25 that should act as strength for buyers if the price gets closer.
Overall it looks likely that we'll see a consolidation take place over the next few weeks with price formation on top of traders mind as the sustainability of the short term uptrend is tested for longevity.
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