Big movements in SOXL ETF price on Thursday moving 17.58% between high and low

The SOXL ETF price gained 19.98% on the last trading day (Thursday, 8th Aug 2024), rising from $26.22 to $31.46. During the last trading day the ETF fluctuated 17.58% from a day low at $26.87 to a day high of $31.60. The price has fallen in 6 of the last 10 days and is down by -20.92% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 7 million more shares were traded than the day before. In total, 147 million shares were bought and sold for approximately $4.61 billion.

The ETF lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $26.10 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the ETF is expected to fall -9.73% during the next 3 months and, with a 90% probability hold a price between $23.57 and $59.80 at the end of this 3-month period.

A buy signal was issued from a pivot bottom point on Wednesday, August 07, 2024, and so far it has risen 19.98%. Further rise is indicated until a new top pivot has been found. 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. 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 $31.84 and $50.19. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

On the downside, the ETF finds support just below today's level from accumulated volume at $29.34 and $27.89.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 $29.34. If this is broken, then the next support from accumulated volume will be at $27.89 and $26.22.

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 $4.73 between high and low, or 17.58%. For the last week, the ETF has had daily average volatility of 18.93%.

SOXL holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this ETF.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Strong Sell to a Sell candidate.