$$ SLV Range Contraction

SLV's VWAP for five of the last seven days including the last four are contained within the range of $34.08 to $34.22:

5/13 = 34.15

5/16 = 33.62

5/17 = 32.69

5/18 = 34.22

5/19 = 34.17

5/20 = 34.08

5/23 = 34.14

Volume has been elevated recently, so that's a couple hundred million shares traded at an average price of ~$34.15 the last four days.

To me, this is classic range contraction which usually is a prelude to range expansion, i.e., a big price move.  While I would not be surprised to see SLV push upwards from here into the high 30s/low 40s, it could break either way.  

A straddle might be profitable, but the premiums are still pretty high after the recent silver crash due to increased implied volatility.  Today you could have bought a June 34 call and a June 34 put for ~$3.25 total, so you profit if SLV reaches higher than $37.25 or lower than $30.75 between now and June 17.