$SOXS This wire is a bit interesting—during the session it surged to 51.73 and then got knocked back to 45.13. The upper shadow is drawn extremely long, but the buy-and-support amount of 170 million RMB only resulted in a -7.24% real bearish candle. After the bulls tried to push the price up, there was basically no one willing to take the shares.
In terms of volume structure, the 3.5 million traded shares are concentrated in the upper-shadow area, indicating that above 51 there is heavy overhead supply, while around 45 is where people are willing to accumulate at low levels. If it breaks below the previous low at 45.13, the next support is likely around 43; set a stop loss at 44.5. First, watch whether it can bounce and eat up 47.5; if it can hold above that level, then consider a push to above 49.
It dropped 7 points without high volume being released—shrinking-volume bearish declines suggest that the sellers aren’t in a hurry. Post your view in the comments: is this a shrinking-volume bottom, or is the bearish slide just getting started?
#SOXS
In terms of volume structure, the 3.5 million traded shares are concentrated in the upper-shadow area, indicating that above 51 there is heavy overhead supply, while around 45 is where people are willing to accumulate at low levels. If it breaks below the previous low at 45.13, the next support is likely around 43; set a stop loss at 44.5. First, watch whether it can bounce and eat up 47.5; if it can hold above that level, then consider a push to above 49.
It dropped 7 points without high volume being released—shrinking-volume bearish declines suggest that the sellers aren’t in a hurry. Post your view in the comments: is this a shrinking-volume bottom, or is the bearish slide just getting started?
#SOXS