SLV LONG
The SLV ETF has recently experienced a significant Change of Character (CHoCH), which is backed by strong volume. This type of move indicates that the price structure has shifted from bearish to bullish, with buyers stepping in as price action shows signs of strength.
What stands out is the 37K volume traded, and $2.6 million in premiums tied to options contracts, with the majority occurring at the ask. This suggests strong demand and a bullish outlook from traders. With the uncertainty in the broader market, SLV has become an attractive safe-haven investment vehicle, likely reflecting increased interest in silver as a store of value.
Given this recent momentum, it’s looking like SLV could be targeting $31.60 in the near term, and possibly even $36 over the next few weeks to months as it continues to trend higher. The combination of market uncertainty and bullish technical signals points to further upside potential.
What stands out is the 37K volume traded, and $2.6 million in premiums tied to options contracts, with the majority occurring at the ask. This suggests strong demand and a bullish outlook from traders. With the uncertainty in the broader market, SLV has become an attractive safe-haven investment vehicle, likely reflecting increased interest in silver as a store of value.
Given this recent momentum, it’s looking like SLV could be targeting $31.60 in the near term, and possibly even $36 over the next few weeks to months as it continues to trend higher. The combination of market uncertainty and bullish technical signals points to further upside potential.
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