High volatility in SOXL ETF price on Thursday which ended trading at $12.03

The SOXL ETF price gained 16.91% on the last trading day (Thursday, 24th Apr 2025), rising from $10.29 to $12.03. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 11.43% from a day low at $10.85 to a day high of $12.09. The price has risen in 6 of the last 10 days but is still down by -5.79% for this period. Volume fell on the last day by -22 million shares and in total, 331 million shares were bought and sold for approximately $3.98 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

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 $9.26, a level that may pose a second chance to hit a runner. According to fan-theory $14.14 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

There are mixed signals in the ETF today. 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 $14.98. On a fall, the ETF will find some support from the short-term average at $9.91. 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 -5.79%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely.

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 $1.24 between high and low, or 11.43%. For the last week, the ETF has had daily average volatility of 8.02%.

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.