SOXL - all three hitsMid-week update on SOXL and observation that a bounce was about to happen, was expected with these criteria for something worth a look at:
" The current gap range needs to be closed clearer and an immediate resistance (above yesterday's high, green horizontal line) needs to be cleared. Then a break into the next gap range above the next resistance (thicker green line) is essential. "
So, the weekly chart is now indicative of a likely bounce given the bullish candlesticks Piercing Pattern . Technical indicators do not quite tell it... yet.
The daily chart did almost what it needed to do.
1. It closed the late August gap (down);
2. It cleared the immediate resistance (green line); and
3. it broke into the next upper gap range by gapping over the next (thicker green line) resistance.
Technical indicators crossed over or are about to cross over.
Bullish, as all outlined criteria is accomplished.
Now, it probably come back to test a resistance-turned-support. Hint here is that despite the bullishness, it still failed to clear out of the current gap zone. So, the resistance there is strong and perhaps another day it will break out.
So, expecting a shallow retrace, and then take off.
Meanwhile, a possible higher low on the weekly chart just might have been registered.
Be nimble, be quick... be like Jack!
