Silver ETF SLV had a 3 days speculative run up with hole up motion into the resistance at 27.5 final week because of the GameStop (GME) quick squeeze headline. Regardless of the headlines spinning across the retailers speculations plus reddit discussion board WallStreeBet’s manipulation, silver has been below robust accumulation for a minimum of 4 years since since 2016 once we examine the worth motion utilizing Wyckoff trading analysis concept along with the amount unfold evaluation. Beneath the Wyckoff idea, quantity is taken into account as footprint left by the traders and merchants. With correct interpretation of the amount along with the worth motion, we are able to spot the tell-tale indicators of accumulation in silver by the institutional funds.
Learn the way to interpret the availability and demand with the price action analysis to dissect the buildup of silver and big upside goal with point and figure target projection within the video under:
Heavy provide on 1 Feb has brought on a response on Silver. Consolidation between 24-27.5 is predicted for Silver. Sturdy bull run will solely be resumed when SLV ETF can commit above 28. Seek advice from the chart under: