SOXL trade ideas
SOXLThe Direxion Daily Semicondct Bull 3X ETF holds buy signals from both short and long-term moving averages giving a positive forecast for the stock
SOXL taking a breakIt was fun while it lasted, but SOXL would look more attractive at $48.00, We'll see how deep the pullback goes.
SOXL Bearish PlayDivergence in the CCI, downward channel back to support at 28.00. Buying the SOXS to execute the trade plan
SOXL - SEMI's ON THE RUNI alerted on our Twitter @alphatradersinc that SOXL over $41 is a buy and any name in the index you can buy and be happy with. So far so good. Look for SOXL names to lead us to the ripper.
SOXL: Ascending Triangle (96%)With the current shortage in semi conductors, this could become an interesting play.
Not confirmed yet.
Still needs to break the 48$ resistance with volume.
If confirmed:
Price target = 94$
SOXL up date Consolidation respected. This is headed back to 27$ long term. The drop was temporarily interrupted by minor trend support (Whiteline). I think we might se a minor bump back up to 44.80 with NVDA earnings on the 19th c then a tank right after that. I also drew previous lines to show similarities
SOXL waiting to close above 47.34 for weekly chartIt has been a long wait for SOXL since march 2021, we have been patient for the past 3 months and we pray that the breakout is coming soon.
SOXL At a crossroadAlmost at the top of consolidation. What happens next could very well influence not just the chip sector but The QQQ index too
Noticable Names inside this ETF
INTC
AVGO
NVIDIA
AMD
TSM
Qcom
I wouldnt be convinced with a breakout unless we get over previous highs around 48$
2 reasons im not convinced of a breakout coming this week
1. The volume! we are carrying 40% less volume than we were back in the spring when chip shortage news started widely circulating.
2. Most of the biggest weighted chip makers have already had their earnings and with it i dont expect any new highs from NVDA, INTC or Qcom.
SOXL - Semi's may go again? Looking at $SOXL we can see a daily close above $41.85 can usher in $43.39 this week. Would be a monster trade for $LRCX going into earnings if $SOXL is moving like it can. Possible to see $LRCX at $700 by earnings date.
SOXL in consolidation phaseNo rush, first of all when you look at this chart !
Price is ranging between 27 and 44 since Jan 2021.
Wait for the price to come down to 27 , ascertain support with bullish signal before adding or await for it to break out of 44 level at resistance before adding. It could also have another down leg once it reaches the resistance level so be careful and not rush to buy before the breakout to avoid being trapped.
$SOXL - semiconductors Bull 3x gonna explode soon $SOXL #SOXLAs we expect the boom in the sector in the upcoming years related to the worldwide shortage of semiconductors I thought it could be a good idea to buy this ETF instead of specific stocks. This way I can track what's going on in the industry and stay with the position without the need to rebalance all the time.
Keep in mind:
1) NVDA (which is 7% of ETF) will have a split in June (typically bullish)
2) AMAT, LRCX - other strong companies of the sector are on the edge of a breakout
3) Technicals are strong, above all SMAs except 20 (this gonna happen soon as well)
4) Crazy runners like LEDS also related to semiconductors
SOXL review. HAMMER OF THOR At this rate, it can be seen that the probability of a decline is much higher. Tomorrow may show a slight rise. But it looks like it will go down soon. Waveforms fall to rise and rise to descend. Don't be fooled by this.
Well, it could be different if you break through the place where the hammer used to be. keep updating.
SOXL Blocked by fib line
expect a decline. gap-up, but the Fibonacci fan line NEVER LET THAT HAPPEN There is not enough rising waveform. GO SOXS
SOXL in pitchforkRSI and MACD on 1D still have room to rise.
If a break above Mid line that should act as support for a cool down until ready to hit upper level of pitchfork
Good Luck
SOXL Back to 40 - HODL for ComputexThis week semiconductors have been outperforming and I believe they will continue to outperform into computex, then the news will either be dumped, or we will continue to analyst consensus, then get dumped.
Positives:
Computex is on May 31st, new products from most chip companies incoming.
Today Bank Of America and various other banks, maintained overweight and buys on Micron , Intel and NVDA .
Further AMD announced 4bn in share buy backs.
In Chart a trend based fib, shows a support at this level. MACD is about to cross green.
Concerns:
Cisco crashed on earnings today.
CN continues to threaten TW so TSM and most of the industry is at risk, also in general the market has been bearish since late February.
There's a chip shortage, but it's mostly too much demand.
SOXL has been stuck in a sideways movement, being bought in US, sold overnight. Though SOXL is meant to be a daily trade so this is reasonable...
