Below we have a daily chart of SLW and beneath that is daily chart of silver (SLV), As you can see since the August 2nd high SLV has experienced some minor selling pressure while SLW has been supported by an underlying bid.
On Friday when Silver experienced a rather large down day taking out the low from August 5th SLW actually diverged by putting in a higher low. This is my opinion is a sign of strength for SLW.
You'll also notice that SLW has a double inside day which basically is another way of saying the ranges have been contracting over the past 2 days. This alone can set the stage for an expansion in volatility.
On a VERY short term basis if SLW can break out above the high from Thursday which is at 31.35 we may see further upside for this stock over the next few days. Lets see how it plays out.
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