Silver ETF Turnaround May Be in the Cards

Max Chen of ETF Trends reported that although silver bullion and other related ETFs have been trending downward for the last three years, that may be set to change. His opinion is based on technical analysis.

As quoted in the market news:

[L]ooking at the monthly performances, silver is forming what technical analysts call a ‘doji star,’ writes Greg. Harmon, founder and president of Dragonfly Capital Management.

The doji candlestick formation on the monthly performance of silver looks like a vertical line crossed by a horizontal line, indicating that the market open and close are nearly identical. Typically, the cross or plus sign occurs when buyers and sellers more or less cancel each other out, marking indecision among investors. After a prolonged trend, the star formation may be a signal of a turn in momentum.

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