Big movements in SOXL ETF price on Tuesday moving 25.20% between high and low

The SOXL ETF price fell by -22.48% on the last day (Tuesday, 3rd Sep 2024) from $38.79 to $30.07. During the last trading day the ETF fluctuated 25.20% from a day low at $29.40 to a day high of $36.81. The price has fallen in 6 of the last 10 days and is down by -27.72% for this period. Volume has increased on the last day by 52 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, 135 million shares were bought and sold for approximately $4.07 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 -37.38% during the next 3 months and, with a 90% probability hold a price between $10.96 and $31.48 at the end of this 3-month period.

Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $36.84 and $39.33. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, August 21, 2024, and so far it has fallen -27.94%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the ETF should be followed more closely.

SOXL finds support from accumulated volume at $29.34 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 $7.41 between high and low, or 25.20%. For the last week, the ETF has had daily average volatility of 12.02%.

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.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Strong Sell candidate.