iShares Silver (SLV) bounce off of down channel

silver bar swing trade longStock: iShares Silver ETF (SLV)

Long or Short: Long

Entry: 27.97

Stop-Loss: 27.34

Chart: iShares Silver ETF (SLV) Daily Swing Trade Setup

Silver swing trade on down channel bounce

Reason for Trade: I don’t trade the commodity ETF’s all that much, but when there is a clear setup worth taking with a tight risk scenario, I just can’t pass it up.  Ideally, I’d like to ride SLV up into the mid-$29’s before I take my gains, but I won’t be dogmatic about the target if the trade doesn’t go smoothly. 

I also think that the sell-off of late is well-over done and with the the extreme oversold nature of the ETF, I think there is a very good chance that this stock bounces from here and off of the lower channel that it recently tested. 

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