Evaluation of SOXL ETF downgraded after the last trading session.

The SOXL ETF price fell by -0.476% on the last day (Friday, 16th Aug 2024) from $39.92 to $39.73. During the last trading day the ETF fluctuated 5.67% from a day low at $38.07 to a day high of $40.23. The price has been going up and down for this period, and there has been a 35.41% gain for the last 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -24 million shares and in total, 81 million shares were bought and sold for approximately $3.23 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 -24.29% during the next 3 months and, with a 90% probability hold a price between $18.20 and $45.61 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 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 $46.68. On a fall, the ETF will find some support from the short-term average at $34.82. 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 Thursday, August 15, 2024, and so far it has fallen -0.476%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the ETF finds support just below today's level from accumulated volume at $35.00 and $34.96.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 $35.00. If this is broken, then the next support from accumulated volume will be at $34.96 and $31.46.

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 $2.16 between high and low, or 5.67%. For the last week, the ETF has had daily average volatility of 8.69%.

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 Hold/Accumulate to a Sell candidate.