SOXL reversal from bottom LONGAMEX:SOXL
On a 30-minute chart SOXL, a triple leveraged bull ETF for semiconductors is now in an early uptrend.
The semiconductor sector may be challenged but stable economics from its industrial customer bases may be
steadily rising.
The chart shows recent horizontal resistances from pivot points and an overlaid volume profile.
For the long trade, I will set a stop loss for a 3% risk while setting targets of $15.85 , below the Fib 0.5
$ 16.8 below the top of the high volume area of the profile and final take profit at $21.3 just below
the double top of August 5th and 12th. With tiered take profits, this looks to be about 30% upside
overall with a very safe ratio of risk especially if the stop loss is raised above the entry on the first leg
of the uptrend.
