The  iShares Silver Trust (SLV, [stock SLV]) is hovering around strong support at the $25.40 level.  Providing technical traders a bullish bias outlook for the medium term on the SLV ETF with the Relative Strength Indicator (RSI) is confirming the support level with a move out of the oversold zone.

Bottom Line: traders can consider long positions at $27.24 or better with a protective stop order at $25.40 and a target at $34.00

About the ETF: The investment seeks to reflect the price of silver owned by the trust less the trust's expenses and liabilities. The fund is intended to constitute a simple and cost-effective means of making an investment similar to an investment in silver. Although the fund is not the exact equivalent of an investment in silver, they provide investors with an alternative that allows a level of participation in the silver market through the securities market.