Search
Products
Community
Markets
News
Brokers
More
EN
Get started
Community
/
Ideas
/
SOXL pullback is ready to buy long
Direxion Daily Semiconductor Bull 3x Shares
Long
SOXL pullback is ready to buy long
By AwesomeAvani
Follow
Follow
Jun 30, 2023
3
Cheer
Cheer
Jun 30, 2023
SOXL the 3X leveraged ETF of semiconductor stocks has gained 145% for the first half of the
year. As shown on a 2H chart, the price has pulled back but the overall trend of HH and HL
is intact within an ascending parallel channel. Price previously touched the lower
trendline on May 24th while it touched the upper trendline May 30th and then again
June 15th. Between May 31st and June 7th it did a Fibonacci retracement. Price is presently
reversing at the lower trendline and is above the Ichimoku cloud a sign of bullish predominance.
Price is above the mean VWAP anchored to the low of May 24th another bullish sign.
The RSI indicator showing Ichimoku features has an RSI above 50 and above the cloud
affirming a bullish bias. I believe that this is setup for a long trade with about 12-15% upside in
two weeks or less for a much smaller risk. A call option trade could also be entertained
if a setup with a good delta low spread and high volume / liquidity can be found.
bottomtrader
Fibonacci
parallelchannels
semiconductor
semiconductors
SOXL
SOXS
SOXX
Trend Lines
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the
Terms of Use
.