SOXL - until further notice
The SOXL Weekly chart had a recent wedge breakout that was progressing well, until it did not. A retracement started three weeks ago now looks like it resumed a bear trend.
The daily chart shows how this happened over the last two weeks, where opportunities failed and breakdowns led on more breakdowns... a strong attempt to reclaim 19, and break above the 55EMA failed. This was followed by a giant bearish down which followed through with to gap down and break down critical support level at 14. As did the technical indicators show, a cross into bearish territory.
Projected downside target 12 was reached and a quick bounce ensued, only to be overwhelmed by a bearish Friday candle.
Taken together, SOXL is bearish for now, and the recent breakout (into a bull trend) is invalidated. In fact, more downside is projected, with the immediate downside target to be the last low at 10.50. Watch this level closely, as it would be telling...
The daily chart shows how this happened over the last two weeks, where opportunities failed and breakdowns led on more breakdowns... a strong attempt to reclaim 19, and break above the 55EMA failed. This was followed by a giant bearish down which followed through with to gap down and break down critical support level at 14. As did the technical indicators show, a cross into bearish territory.
Projected downside target 12 was reached and a quick bounce ensued, only to be overwhelmed by a bearish Friday candle.
Taken together, SOXL is bearish for now, and the recent breakout (into a bull trend) is invalidated. In fact, more downside is projected, with the immediate downside target to be the last low at 10.50. Watch this level closely, as it would be telling...
