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

By Amy Schwartz

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 $23.90 and $24.14 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.

Based on a current price of $24.02, Silver Wheaton is currently 11.6% above its average consensus analyst 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.

In the past 52 weeks, shares of Silver Wheaton have traded between a low of $10.04 and a high of $31.35 and are now at $24.02, which is 139% above that low price. Over the last five market days, 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 tracking the current trend status for Silver Wheaton and will alert subscribers who have SLW in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle silver wheaton

Ticker(s): SLW