Chartology: Silver (SLV) Basing on Long Term Trend Line?

Stock ChartsSilver (SLV) has spent the better part of the past 3 months attempting to form a bottoming base. 27.50 and 28.00 appear to be important near term overhead resistance, while the early August pivot higher offers near term support.

Either way, watch for a break on higher volume for clues.

On a longer term basis, Silver is resting on its 4 year trend line – see weekly chart below.

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Silver (SLV) stock charts with price support and resistance levels. SLV stock charts with technical analysis as of August 8, 2012. SLV trying to form a technical base, resting on 4 year trend line. SLV long term chart.

Twitter:  @andrewnyquist and @seeitmarket     Facebook:  See It Market

No position in any of the mentioned securities at the time of publication.

Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of his employer or any other person or entity.

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