SOXL trade ideas
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...
SOXL Upward - How Far?There's a nice downward channel, and we just bottomed.
I'm expecting a rise to at least the 30m 200SMA then we'll see.
Upward and breakout is my hope.
Upward and back to bottom of channel is a strong possibility.
The channel is essentially a megaphone. When she breaks we run.
*NOT FINANCIAL ADVICE NOT A FINANCIAL ADVISOR*
Time to start DCA into $SOXLSOXL has been on a downtrend for a little while, it is the 3x leveraged bull semiconductor ETF, so it is inherently risky due to being a 3x leveraged ETF. This is now the time to start dollar cost averaging into SOXL, whether it be shares or LEAPs, it is good medium-long term.
We are about to complete the IHSI think it is clear the pattern that IHS has formed. Looking for a nice leg higher here.
SEMIS_30%gain2021SOXL looks like it could be a decent entry if the stochastic picks up in a few days...Semis have been a strong trade for the market and hopefully continue...
$SOXL Bull flagging Can buy on a break of Fridays high w volume, stop on low. Same take profit rules for inside bar set ups (previous)
SOXL 3X Semi - Unusual Volume $2M+ traded for $42 strikeAMEX:SOXL $2M+ in premium traded for $42 strike calls for Friday May 21th 2021 expiration traded today.
Unusual Options Volume Activity for $80 calls about 9000+ contracts traded through out the day (Above Open interest of only 1162) from $2.10 to $2.50
Various semi conductor stock earnings coming up soon.
Bounced off 50 EMA Today on the daily showing downside support. CCI is also trending up going from bearish to bullish after being sold through out the day.
Nice hammer on the 4H chart
A Months time on these options I would recommend a vertical spread to keep theta at bay.
Wait for confirmation of break of the $40.00 level for upward trend and possibly a close above this level to start a position.
Enter using $40 or $41 calls around trigger as theta burn will be less once ITM. Or consider a vertical.
Exercise caution when entering 3X ETF as they tend to move rapidly to the down side on any pullback.
Support 50 EMA $38.55
Trigger $40.00
Target 41.44, 42.44, stretch target of 43.45
SL close below 50 EMA
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Semi Conductors - SOXL - Inverse PotentialPrice Compression occurring. iH&S right shoulder on watch.
SOXL, the best kind of stiff sock, semi play with the shortageNo raising rates til 2023. FOMC bullish af. Don't buy puts.
SOXL bounce off 61.8 fib level, reversal confirmedGreat time to enter
We have the greatest rebound of all time for the ev industry. its time we take advantage of the great move
They are going to crash this (and everything else) back down...for a bit (tomorrow), I suspect, one more time (rinse and repeat, etc)... (not trading advice).
Maybe I am wrong.
