SOXL's latest price action: bouncing near $80, but $88 is the real test 👀
After a series of steep declines,
$SOXL rebounded from around 80, climbed as high as about 88 and pulled back. It's now trading sideways near 86.
My view: there may be an oversold bounce in the short term, but a trend reversal still needs confirmation.
Key Levels:
🟢 First support: 84. This is the recent battleground, and while it holds, the rebound structure may continue.
🔴 Key resistance: 88 – 90. The previous rebound met selling pressure here. A break on strong volume that holds could point toward 92 – 93.
🟢 Important support: 80.5 – 81. If 84 breaks decisively, watch for another test of the previous low.
Why I'm still watching for a rebound:
1️⃣ The earlier decline was big, leaving room for an oversold recovery.
2️⃣ Buyers have already stepped in near 80.
3️⃣ Volume is concentrated around 84 – 87, where buyers and sellers keep battling.
A steep decline doesn't mean a bottom is in, and a quick rally doesn't mean the trend has reversed.
My plan: if 84 holds, watch for a break through 88 – 90 and then 92 – 93. If 84 breaks, reassess.
SOXL is a daily 3x leveraged semiconductor ETF, so it's extremely volatile. Don't blindly buy the dip, and size your position carefully.
#SOXL $SOXL $SNDKB