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cloud9futures
Apr 9, 2022 3:38 AM

SOXL - Long Shares Play - Quadruple Bottom on Weekly Timeframe Long

Direxion Daily Semiconductor Bull 3x SharesArca

Description

SOXL has reached a major bullish level here, with great possibilities for calls/shares.

Chart Event: Quadruple Bottom on Weekly, Double Bottom on Daily

Confluence:
  • Rising volume each time price action nears this level
  • Bouncing neatly at weekly 200EMA
  • Strong weekly bullish divergence
  • Strong daily bullish divergence
  • Chip shortage continues to benefit chipmakers
  • Falling Wedge on 65m


Trade Idea: Calls/Share Swings

Price Targets:
  • PT1 - $30.50
  • PT2 - $32.00
  • PT3 - $33.00
  • PT4+ - $35.00
Comments
gbatona
looks like 22 is next stop
cloud9futures
@gbatona, very possibly
elenaec
are we getting back up or still downwards from here , thank you ??!!
cloud9futures
@elenaec, seems like we are going back up. Use proper risk management but I like this one a lot for shares, calls with 2+ weeks would work too
elenaec
@optionsdivergence, thank you so much , have a great trading day !!!!
elenaec
@optionsdivergence, what does it mean calls with 2 + weeks , it will be positive going up for 2 weeks ? TY
cloud9futures
@elenaec, I can give you a more detailed explanation, but basically it’s because you’d want to have enough time on the option to let the underlying stock make the full move. If you look up Divergence Options on Twitter (me) or Killion Trading (a discord I alert in) I can help you more
elenaec
@optionsdivergence, thank you , I will
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