High volatility in SOXL ETF price on Friday which ended trading at $48.84

The SOXL ETF price fell by -11.71% on the last day (Friday, 8th Mar 2024) from $55.32 to $48.84. During the last trading day the ETF fluctuated 16.78% from a day low at $48.80 to a day high of $56.99. The price has risen in 6 of the last 10 days and is up by 21.58% over the past 2 weeks. Volume has increased on the last day by 41 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, 127 million shares were bought and sold for approximately $6.21 billion.

The ETF lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the ETF is expected to rise 55.25% during the next 3 months and, with a 90% probability hold a price between $62.25 and $86.39 at the end of this 3-month period.

The SOXL ETF holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the ETF giving a positive forecast for the stock. On further gains, the ETF will meet resistance from the short-term Moving Average at approximately $48.88. On a fall, the ETF will find some support from the long-term average at approximately $39.23. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Thursday, March 07, 2024, and so far it has fallen -11.71%. 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 $48.33 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 $8.19 between high and low, or 16.78%. For the last week, the ETF has had daily average volatility of 8.80%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for SOXL ETF to perform well in the short-term.We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.