SOXL - window closes, brace for bounce
Updated
From the last post, The daily technical indicators appear to be turning upwards and the early part of the coming week is expected to show a bullish hand, that probably leads to the rest of the projections into September where it should meet the weekly 55EMA. Watch for it!
The window closed rather immediately after
:|
The analysis projection totally did not happen for the week, and yesterday SOXL gapped down, after breaking below the daily 55EMA. The price action is enough to tell that there is a clear trend change, and the technical indicators support it. In addition, it appears that there is a triangle breakdown, and this projects a downside target of about 12. Immediate support is seen at 14.
Expect downside, watch the support lines and wait for it... again
The window closed rather immediately after
:|
The analysis projection totally did not happen for the week, and yesterday SOXL gapped down, after breaking below the daily 55EMA. The price action is enough to tell that there is a clear trend change, and the technical indicators support it. In addition, it appears that there is a triangle breakdown, and this projects a downside target of about 12. Immediate support is seen at 14.
Expect downside, watch the support lines and wait for it... again
Note
Just hit 11.97 and bounced to form a hammer... a possible bullish reversal?This itself is might be a lower low. Am also looking for a shorter term lower low.
Resistance at 14 needs to be overcome, and with that a closure of the gap (down).
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