SOXL, Inverted Cup and Handle

Sep 8, 2017

An Inverted Cup and Handle pattern appears to be forming. The RSI is almost dead even, and we are in a squeeze coming off of the short upward momentum of the handle. If that squeeze releases into the red as we test either band, there is a good chance the price will fall through the bottom of the handle and test the 93.50ish resistance line which is just below the rim.

If you are in above price, I would set a stop around $96.75.
If you are looking to get in, I would wait and see if we can get another crack at $90.

Sep 12, 2017

Trade active

I was a little deep on my buy in target, but the strong buy candle off the support line was a good enough signal for me to enter into a position slightly above my target entry point. Cheers!