First, the conclusion: I'm bullish on SOXL. SOXL is currently in a bullish pullback phase.
Analysis: The current trend is an uptrend within a broad channel, and each time price reaches around a previous high, it pulls back to the prior low. Based on this thesis, bulls should place buy orders at 142 and 154.
142 reason: around the previous low; short-term traders place their stop losses at 134.
154 reason: when price retests the EMA20 moving average. Stop loss at 144.
In the current environment, could waiting for the daily candle on 10/5 to close bearish offer a short-term short opportunity?
SOXLUSDT
Perp
160.86
-0.92%
