Semiconductors entering risky resistance zone
SOXL has good buying volume today, but it looks a little risky moving forward. It's entering a resistance zone from previous highs, and it's got some bearish divergences on the hourly MACD.
Daily RSI is nearing overbought, and daily MACD is nearing resistance at 9. SOXL is still bullish within the channel, but look for a good entry and keep stop losses in place to guard against channel exit.
Daily RSI is nearing overbought, and daily MACD is nearing resistance at 9. SOXL is still bullish within the channel, but look for a good entry and keep stop losses in place to guard against channel exit.
Note
If SOXL breaks through this resistance zone, next targets are 179, 189, and 202.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.