• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Silver Wheaton (NYSE:SLW)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Silver Wheaton (NYSE:SLW) based on the price action in the company's shares. Today's price range of $22.68 and $23.16 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Silver Wheaton may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Silver Wheaton (NYSE:SLW) defies analysts with a current price ($23.07) 8.0% above its average consensus price target of $21.22. Silver Wheaton shares have support at the 50-day moving average (MA) of $17.41 and additional support at the 200-day MA of $14.01.

Silver Wheaton share prices have moved between a 52-week high of $31.35 and a 52-week low of $10.04 and are now trading 130% above that low price at $23.07 per share. Over the past week, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 1.7%.

Silver Wheaton Corporation purchases and sells by-product silver from operating mines. The Company has long term contracts to purchase all or a portion of the silver production from mines in Mexico, Sweden, Peru, Greece and the United States.

SmarTrend is monitoring the recent change of momentum in Silver Wheaton. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Silver Wheaton in search of a potential trend change.

Keywords: bullish inside day candle silver wheaton

Ticker(s): SLW