Big movements in SOXL ETF price on Thursday moving 11.23% between high and low

The SOXL ETF price gained 1.93% on the last trading day (Thursday, 17th Nov 2022), rising from $11.94 to $12.17. During the last trading day the ETF fluctuated 11.23% from a day low at $11.31 to a day high of $12.58. The price has risen in 8 of the last 10 days and is up by 54.25% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 23 million more shares were traded than the day before. In total, 118 million shares were bought and sold for approximately $1.44 billion.

The ETF lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $13.76 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the ETF is expected to fall -34.44% during the next 3 months and, with a 90% probability hold a price between $2.77 and $9.02 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

The SOXL ETF holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term moving average at approximately $12.23. On a fall, the ETF will find some support from the long-term average at approximately $9.47. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Tuesday, November 15, 2022, and so far it has fallen -12.98%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the ETF finds support just below today's level from accumulated volume at $11.19 and $10.17.There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, SOXL finds support just below today's level at $11.19. If this is broken, then the next support from accumulated volume will be at $10.17 and $9.21.

This ETF may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this ETF is considered to be "very high risk". During the last day, the ETF moved $1.27 between high and low, or 11.23%. For the last week, the ETF has had daily average volatility of 9.62%.

Several short-term signals are positive, despite the ETF being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for ETF to perform well in the short-term.