Big movements in SOXL ETF price on Wednesday moving 13.58% between high and low

The SOXL ETF price gained 2.53% on the last trading day (Wednesday, 30th Apr 2025), rising from $11.86 to $12.16. During the last trading day the ETF fluctuated 13.58% from a day low at $10.75 to a day high of $12.21. The price has been going up and down for this period, and there has been a 14.72% gain 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, 44 million more shares were traded than the day before. In total, 218 million shares were bought and sold for approximately $2.65 billion.

The ETFhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $8.53, a level that may pose a second chance to hit a runner. According to fan-theory $14.17 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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. 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 ETF. On further gains, the ETF will meet resistance from the long-term Moving Average at $14.21. On a fall, the ETF will find some support from the short-term average at $11.45. 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. A sell signal was issued from a pivot top point on Wednesday, April 09, 2025, and so far it has fallen -4.78%. 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 $10.23 and $9.63.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 $10.23. If this is broken, then the next support from accumulated volume will be at $9.63 and $9.15.

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 $1.46 between high and low, or 13.58%. For the last week, the ETF has had daily average volatility of 9.88%.

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.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.