$SOXL Possible 12.50 TESTSOXL is holding the Oct VWAP and currently above 5DMA, looking for a test of 12.50 before Friday. If we have market support this move should be relatively easy. Let me know your thought below!
SOXL trade ideas
SOXL / SMH - CREATING A BULLISH REVERSALBACKGROUND:
SOXL (3x ETF) created a great reversal pattern back in JUNE - JULY 2022. It's tempting to ignore it because it ultimately failed on 8/26/22. Nonetheless, it was a great technical entry point when the price broke above $17.
CURRENT PRICE ACTION:
The reason I'm pointing out what happened in JUNE - JULY is because SOXL ETF is forming another BULLISH reversal (early stage) having just passed above last Friday's (9/30) high and entering back into the $9.50 - $10.50 range. The two previous reversals (8/26, 9/13) had failed. Yet the job of a trader is to not HOPE or PREDICT, but rather TRADE the signals and MANAGE RISK ACCORDINGLY .
GAMEPLAN:
I'm watching if the price closes above $10.35 (approx.) within the next few days. I'm anticipating some price action around this level. Any close above $10.35 can follow with some pullback. In fact this is a GREAT entry point for the bears if we were to follow trend alone. However, the reversal that happened from $9.50 and the bounce that's happening on the NASDAQ (potential double bottom) can signal a potential reversal in the market (short-term).
There are two potential bullish reversal scenarios:
1. Straight up(rare)
2. Chop sideways and build a larger reversal base (as happened in JUNE - JULY)
LOOK-OUT FOR:
What comes out of the FED emergency meeting. As mentioned in my previous post on the status of the DOW JONES - I think the analysts at the FED see the same. The FED will either blink and change its' stance or the market is taking another big leg down...
Be safe all and thank you for reading.
MOMENTUM SHORT ON SOXL Due to the rise in bearishness, I predict $SOXL will get to the below support lvl at 6.77.
I know all the FUB but RSI do not lie. Soxl has never crossed below 30 rsi according...to the RSI 1 Day Chart.
To me this looks like a signal. To be very cautious about puts right now and keep an open mind to a big reversal due to being officially oversold. ALSO the SPY has crossed Below 30 on the RSI which is more oversold than it was at the June lows bottom before turning around. So keep an eye on this. And regardless of the FUD...remeber before any bottom bottoms out and the next day is a rally you STILL here all the same amount of FUD and negative sentiment all over the place...its called click bait alot of it is at least..to attract attention to get views ect... stick to the technicals..
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!
Is it time to SOXL again?Hardly excited after a pretty decent bullish bounce in the SPY, SOXL similarly bounced, although it appears to be lagging somewhat. Is it premature, or is it bouncing?
The SOXL daily chart shows the downside target just hit at about 12, at the beginning of September. Two days later a higher low was registered (this is clearer in the hourly chart). The bullish candle yesterday appears to suggest a possible trend change bounce; but risk management (especially for a leveraged ETF like this) prompts for more confirmation and better odds. Some boundaries are needed...
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. In fact, a higher high would be much appreciated. These sound like a tall order, but it is opined to be necessary. Particularly since the daily technical indicators have not yet crossed over, so the downdraft might not yet be over.
Having said that, the red support line below the last (higher) low must be maintained. If broken down, price should easily go below 11. The breakdown probability is rather significant currently, although going below 11 is not yet a major risk.
Conclusion... potentially a bounce, perhaps equal probability to be at the start of some sort of consolidation zone, or less likely a pause to dip much further down.
Watch closely, be ready and nimble...
Soxl Very large pattern here. At the suppor area ow getting a small bounce off hourly. This is a level to watch. I think we hold here. This could be a great entry poin. Keep stops below trend suppor of 12ish. Or close if we close candle bodies below uptrending support. Good luck
Soxl Strong support forming at 12.15 area. Upper reistance of symetrical triNgle is 19$. Breaking that level and closing above could target us 30$ We got a bounce so far, wouldn’t surprise me to roll and retest the symetrical triangle support once or twice more so be mindful of that support. Overall it could be consildation before a nice big move up but still needs more time to creat the pressure between the range
If by chance we lose 12$ I’d be targeting 10$ zone as second support
SOXL reversal from bottom LONGAMEX:SOXL
On a 30-minute chart SOXL, a triple leveraged bull ETF for semiconductors is now in an early uptrend.
The semiconductor sector may be challenged but stable economics from its industrial customer bases may be
steadily rising.
The chart shows recent horizontal resistances from pivot points and an overlaid volume profile.
For the long trade, I will set a stop loss for a 3% risk while setting targets of $15.85 , below the Fib 0.5
$ 16.8 below the top of the high volume area of the profile and final take profit at $21.3 just below
the double top of August 5th and 12th. With tiered take profits, this looks to be about 30% upside
overall with a very safe ratio of risk especially if the stop loss is raised above the entry on the first leg
of the uptrend.
SOXL Oversold ready for a bounce back?Looks like it's down to the 30 RSI the oversold level. Each time it has met this it has rebounded back up. It rarely ever had crossed below the 30 maybe 1 or 2 times in the past 5 years on the daily chart. I'm wondering if it's a good time to get some very very cheap discounted call options while their still oversold. Their could Definitely be more down side but not forever if their is a time for soxl to come up it would be right around this time according to the RSI. What do you think?
SOXL - until further noticeThe SOXL Weekly chart had a recent wedge breakout that was progressing well, until it did not. A retracement started three weeks ago now looks like it resumed a bear trend.
The daily chart shows how this happened over the last two weeks, where opportunities failed and breakdowns led on more breakdowns... a strong attempt to reclaim 19, and break above the 55EMA failed. This was followed by a giant bearish down which followed through with to gap down and break down critical support level at 14. As did the technical indicators show, a cross into bearish territory.
Projected downside target 12 was reached and a quick bounce ensued, only to be overwhelmed by a bearish Friday candle.
Taken together, SOXL is bearish for now, and the recent breakout (into a bull trend) is invalidated. In fact, more downside is projected, with the immediate downside target to be the last low at 10.50. Watch this level closely, as it would be telling...
SOXL - window closes, brace for bounceFrom 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
Soxl Def watching this next test. We have a level to lean on, 10.61 was previous low that piled a decent rally, will we double bottom on that low? Wicking below is still ok, as it sometimes stoploss hunts to take more ppl out of their trade, wait for a rounding on that support, and a push. If this holds we could be looking at a sick trade entry. This still has some time to fall more so be patient
i like semiconductors correcting from oversoldsome meaningful bounce is taking place in big tech at least intraday, andsemiconductors as a lead bear are taking part. SOXL is trapped under yeasterdaysgap up, and todays gap up. ive marked outlong short pivot and drawn a bull and vear scenario. there is no bias, but i am long semiconductors when price is so low, at least intraday.
SOXL - At a Buy Point? SOXL - WEEKLY LOG Mode
I know what you're thinking....... Don't shoot me I'm just the messenger.
This chart implies the sector deserves some near term consideration..... as hard as that may seem at this point.
Buy when there's blood in the streets...
Risk is well defined here. I would use the sub .786 Fib area as a stop point... See below.
Here is the DAILY :
short at key resistance levelsthis ramge will continue to tighten, and we will likely get a bear break. above pivot target upper horizontals below pivot aim for lower horizontals. semiconductors have been a major focal point of this bear market, and they will be a big recovery story when we exit it.
one minor hickup for broader marketssemiconductors have been a lead bear in this downturn since december, and a lead bull on the monthly bounce from the lows since july. if we roll over here setting a lower high on this etf around the first upper horizontal i would look for broader markets to consolidate on the daily. if we treat pivot as support i would target the upper horizontal and look for continuation in broader markets. most likely scenario is a gap down followed by a rally to close with price action after to be determined.
SOXL - the window opensAn update to the earlier SOXL post...
Previously identified as a potential, in what appeared to be a really nice technical wedge breakout. And there is more, much more as a reader gave some heads-up about the semiconductor bill.
Techncially, SOXL has been bullish, but is also susceptible to strong retracements, which took place over the week that just passed. The weekly chart maintains its bullish stance, despite the MACD not yet crossing over into bullish territory. The RPM is indicating a continued momentum as well.
Details in the daily chart are more specific on the price action, and after breakout, there was a shallow retracement, and then a quick rally up. Then the more significant retracement came, retraced to 61.8% Fibonacci level, and bounced off. What is interesting is that in doing so, it created a gap (from a gap down) as it broke below the daily 55EMA, and then gapped up to subsequently close the gap (bullish gesture here). This price action gave the weekly chart that nice long underside tail (green ellipse), suggesting bullish price action, and this bullishness to follow in the next couple of weeks.
Fibonacci, and other geometrical, projections have been updated and adjusted (higher!) with the upside target at 29.58, especially after breaking above 22.29.
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 opens...
Heads up!
semiconductors could be in for a huge bull moveif we stay above pivot, there is nothing stopping the top of the sss supply zone from being reached, and qqe rsi signaling bull with a green sss on the weekly. if we pivot higher i would aim for upper horizontals, if we fin ourselves making a bear cross at this key resistance i would aim for lower horizontals if sss stays red.
looking for signs of temporary bull exhaustionthe rally has been very strong for a week, and im looking toward the resistances carved out over the last few days to find a bear entry scouting hourly rsilevels and sss signal to turn red qqe making a short entry
SOXL - a second bite at the cherryPreviously heads up, and with some very interesting feedback from NickQuick7 about the semiconductor Bill passed by Senate, SOXL continues to be of high interest in the watchlist.
The past three trading sessions have rebounded from the daily 62% retracement level, and is projected to move further to 23.50.
In the bigger picture, a target for 33 is mooted.
Weekly technicals are good, and daily technicals are wearing out a little...
some continuation followed by consolidative move in semissemiconductors are on an upward trajectory,and a sell the news event has marked new highs in 3x leveraged semiconductor bull etf SOXL. as long as we remain in this uptrend the market will have no trouble with a third drive to the upside, but during which i would be looking for signs of exhaustion, as some kind of daily topwick could form around rhe $20 area. if we get movement above this supply zone the chart will look more bullish, but closing the gap and pivoting to an hourly equillibrium in an overbought area rsi. that being said a higher supply could take a day or two so as long as sundays numbers are positive or negligible loss nq1! semiconductors should find a local extreme to the highs early or mid next week and consolidate. upper horizontals are stiff resistance, and lower horizontals are areas to be explored for short candidacy.
Easy Long - THIS IS NOT ADVICE!!!congress providing fundamental promise with passing a bill that could influence markets to buy this ETF, Technicals are setup to look for a return to previous levels off the backs of a strong Bulldiv rally from oversold levels, setting a stop below the recent swing low allows for a technical trade plan that removes emotion. The simple R/R lines up with the bottom of the recent range making it conservative, too. if the position is large enough, it could be managed through selling calls and use the premiums to hedge against a drop, just close out any short calls before dumping shares and make sure any short calls are sold with a strike above entry.
NOT ADVICE, SIMPLY FOR FUN AND THEORY
