Hello all,
SOXL was good to me but I have since sold off as I see weakness in the market. I believe chip production will increase in 2022 as everything needs chips in them with the technology sector increasing at an exponential rate and crypto becoming a big deal.
The MACD has crossed and going into a down trend. The stock would have snapped the 20day ema today...
SOXL is showing more relative strength than NDX and QQQ's.
Her's my take on current setup and plan to re-enter
Ignoring in red zone
Current bias:Neutral
Nasdaq Bias: Short(Support may be close)
Pull back to 51.58
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I alerted on our Twitter @alphatradersinc that SOXL over $41 is a buy and any name in the index you can buy and be happy with. So far so good. Look for SOXL names to lead us to the ripper.
With the current shortage in semi conductors, this could become an interesting play.
Not confirmed yet.
Still needs to break the 48$ resistance with volume.
If confirmed:
Price target = 94$
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
Almost 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...
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.
No 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...
Arca
