SOXL Watching for Bounce at Resistance
On the 15M chart, SOXL and price are approaching the resistance zone at 13- 14.5 While it is possible that resistance could break,
the pattern of the past two months is that it will not. Accordingly, instead, I will watch for a reversal bounce off resistance
for a swing trade short to the downside targeting the point of control line ( dark green ) inside the green support zone as the final
target with the anchored VWAP ( black line now at 9.25 with the first target being the VWAP ( black line ) and the second target
one standard deviation below VWAP ( light green line ); Overall taking off one-third of the position at each target and
expecting 30% overall over about two weeks. An alternative is put options with 4 weeks expiration at $14.00 and another
is to take a long trade on the inverse ETF SOXS.
the pattern of the past two months is that it will not. Accordingly, instead, I will watch for a reversal bounce off resistance
for a swing trade short to the downside targeting the point of control line ( dark green ) inside the green support zone as the final
target with the anchored VWAP ( black line now at 9.25 with the first target being the VWAP ( black line ) and the second target
one standard deviation below VWAP ( light green line ); Overall taking off one-third of the position at each target and
expecting 30% overall over about two weeks. An alternative is put options with 4 weeks expiration at $14.00 and another
is to take a long trade on the inverse ETF SOXS.
Aviso legal
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