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Big movements in SOXL ETF price on Friday moving 14.50% between high and low

StockInvest.us, 2 months ago

StockInvest.us

The SOXL ETF price fell by -11.78% on the last day (Friday, 19th Apr 2024) from $34.84 to $30.73. It has now fallen 3 days in a row. During the last trading day the ETF fluctuated 14.50% from a day low at $30.20 to a day high of $34.58. The price has fallen in 6 of the last 10 days and is down by -29.55% for this period. Volume has increased on the last day by 13 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 104 million shares were bought and sold for approximately $3.19 billion.

Given the current short-term trend, the ETF is expected to rise 17.63% during the next 3 months and, with a 90% probability hold a price between $36.15 and $70.16 at the end of this 3-month period.

SOXL

There are few to no technical positive signals at the moment. The SOXL ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $38.60 and $44.59. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, March 07, 2024, and so far it has fallen -44.45%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.

There is no support from accumulated volume below today's level and given the right condition the ETF may perform very badly in the next couple of days.

This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved $4.38 between high and low, or 14.50%. For the last week, the ETF has had daily average volatility of 9.71%.

SOXL is oversold on RSI14 (22). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.

The SOXL ETF holds several negative signals and despite the positive trend, we believe SOXL will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this ETF.

Check full SOXL forecast and analysis here.