Big movements in SOXL ETF price on Tuesday moving 10.08% between high and low

The SOXL ETF price gained 12.32% on the last trading day (Tuesday, 13th Aug 2024), rising from $31.41 to $35.28. During the last trading day the ETF fluctuated 10.08% from a day low at $32.19 to a day high of $35.43. The price has been going up and down for this period, and there has been a -4.97% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 13 million more shares were traded than the day before. In total, 101 million shares were bought and sold for approximately $3.56 billion.

The ETF lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the ETF is expected to fall -19.03% during the next 3 months and, with a 90% probability hold a price between $20.46 and $50.96 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 34.55%. 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 a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the ETF giving a more negative forecast for the stock. On further gains, the ETF will meet resistance from the long-term Moving Average at $48.09. On a fall, the ETF will find some support from the short-term average at $30.26. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

SOXL finds support from accumulated volume at $35.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $3.25 between high and low, or 10.08%. For the last week, the ETF has had daily average volatility of 13.21%.

SOXL holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this ETF.