The commodity silver took a beating last week, dropping 15% from recent highs. While many investors and traders are wondering if a silver bear market is at hand, the silver technical analysis says otherwise. In fact, even with that sharp drop, silver continues to trade inside a beautiful bull flag pattern formation. This means that silver is still consolidating and will likely breakout to the upside. Based on the measured move technique, the silver ETF (SLV) can gain as much as 50% on the next move from the current price of $15.65. That puts the upside target at $23.50.
Doing silver technical analysis is key to understanding where the next move is going. This can increase profits and lower risk for investors and traders. Technical analysis is everything that the algos trade-off of in this day and age. Smart investors and traders use it every day.
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