Could VelocityShares 3x Long Silver ETN (USLV) See a Reversal After Having Formed Several Months Multiple Bottom

The stock of VelocityShares 3x Long Silver ETN (USLV) shows a multiple bottoms pattern with $70.08 target or 7.00 % below today’s $75.35 share price. The 9 months chart pattern indicates high risk for the $273.37M company. It was reported on Jan, 12 by Finviz.com. If the $70.08 price target is reached, the company will be worth $19.14 million less.
Multiple bottoms are very good trading chart patterns. These patterns have a low break even failure rate and decent average rise in a bull market, giving them a solid performance rank. Back-tests of such patterns show that the break even failure rate is 4%, the average rise: 37%, the throwback rate: 64% and the percentage of stocks meeting their price targets: 64%.

The stock increased 0.87% or $0.65 during the last trading session, reaching $75.35. About 130,197 shares traded. VelocityShares 3x Long Silver ETN (NASDAQ:USLV) has declined 33.45% since January 12, 2018 and is downtrending. It has underperformed by 33.45% the S&P500.

More notable recent VelocityShares 3x Long Silver ETN (NASDAQ:USLV) news were published by: Seekingalpha.com which released: “Silver Sits Not Far Off The 2018 Low – Seeking Alpha” on July 13, 2018, also Nasdaq.com with their article: “Sunoco LP (SUN) Ex-Dividend Date Scheduled for November 05, 2018 – Nasdaq” published on November 02, 2018, Seekingalpha.com published: “Gold Continues To Melt – Seeking Alpha” on June 28, 2018. More interesting news about VelocityShares 3x Long Silver ETN (NASDAQ:USLV) were released by: Seekingalpha.com and their article: “Silver Continues To Melt – Seeking Alpha” published on August 20, 2018 as well as Nasdaq.com‘s news article titled: “VALE S.A. (VALE) Ex-Dividend Date Scheduled for August 03, 2018 – Nasdaq” with publication date: August 02, 2018.

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