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

By James Quinn

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. Yesterday's price range of $22.68 and $23.16 is within the prior day'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 share prices have moved between a 52-week high of $31.35 and a 52-week low of $10.04 and closed yesterday at 128% above that low price at $22.86 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.7% while the 200-day MA has risen 0.9%.

Silver Wheaton (NYSE:SLW) is currently priced 7.2% above its average consensus analyst price target of $21.22. The stock should discover initial support at its 50-day moving average (MA) of $17.41 and subsequent support at its 200-day MA of $14.01.

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 am inside day candle silver wheaton

Ticker(s): SLW