Silver Confirms Bearish H Pattern After Failing Near $71

According to recent chart indications, the selling action is increasing, whereas more market price indicators indicate that the market is correcting following a long-term and overheated run-up.

Short-term Structure Indicate $SLV Breakdown

In another X post, Elite Swing Traders pointed out that there was a bearish H completed pattern on the daily chart of the iShares Silver Trust. The trend that developed following the stagnation of prices in the zone of $70.50–$71.00, wherein the purchasing energy lost its strength after an impressive gain. The initial sell-off drove $SLV into the mid-$66 level, which established the left side of the structure.

Analyst announced a completed bearish H pattern on the $SLV daily chart after the price was viable near the $71: X (Feb 2026): Elite Swing Traders

An attempt at a rebound was unsuccessful around the level of $69 and $70, which completed the right side of the pattern and assured leadership of the sellers. $SLV at that time was trading at around $68.23, having reached a peak of $70.52 and a low of $65.51.

Technical signals were in line with the price action. The short-term moving average reversed and dropped below the medium-term average, and the price went down and below the two. Candles were mostly red with wide bodies, meaning that they may indicate a long-lasting selling interest. The longer-term moving average has moved to the area around $65-$66, now serving as the next area of reference.

Longer-Term Silver Pattern Plunges into Volatility Reset Phase

Additionally, the short-term structure became weak, but compared to long-term pricing, the picture is different. The silver one-year data indicates that there is a positive uptrend that started following months of silver consolidation between $30 and $40. In late 2025, there was a breakout, which triggered a gradual increase, taking the prices to $50 and $60 with steady highs.

TradingEconomics annual silver data indicates the recent reversal of the $110 pullback into the $70-$75 range (Feb 2026)

Momentum took a sharp turn to the upside with the prices going to the $100-$120 range. That move was an indication of aggressive inflows and tightening conditions, as well as straining the structure.

The recent pullback from above $110 to mid-single digits fits that trend. It seems that the shift is motivated by profit-making and forcible liquidation, but not an overhaul of the trend. Silver was at press time at around $74.63, which is an increase of 5.36% on the day, implying that they were trying to stabilize the situation following the sell-off.

The $70 to $75 space is now used as a crucial reference plane. It is consistent with previous levels of breakout and could dictate the direction in the short term. This band holds the bigger trend intact, and failure can lead the way to a further reversal into the $60-$65 area.

Mining Stocks Reflect Pressure Across the Silver Complex

On the other hand, silver has also shown weakness in equities. According to the data of TradingView, Silver Mines Limited was closing down to almost $0.205 after falling below the previous support band between $0.22 and $0.23. The collapse of that breakdown substantiated the selling pressure, not the short-term noise.

Silver Mines Limited (SVL) indicates that the price has broken out of the band of $0.22-$0.23, and a negative MACD has proven the downward momentum in the silver-related stocks. Source: TradingView.

Also, the price signal was backed by momentum indicators. MACD entered into the negative margin, and the price fell below $0.22, and the histogram became less downward. This correlation indicates that downside momentum is not at rest. The risk will be skewed down as long as the price is below $0.22.

Money flow indicators were confounded. The Chaikin Money Flow indicator reading was to the tune of +0.05, which showed a bit of accumulation but not to an extent that would overcome selling pressure. This deviation leads to the possibility of longer-term positioning, with short-term control still in the hands of the sellers.

The next significant reference now will be the level of $0.20. Stability beyond that region would assist in minimizing the risk of downside, whereas a day-to-day recovery above $0.23 would be required to counter the existing bearish orientation.