$SOXS: This is a tricky spot—let it choose its own direction
The breakout leans bullish, but chasing feels overheated. The daily close has already moved above the previous range high, and the price is still holding above it, so this level is worth watching. But it’s quite far from the moving average. Turning a bullish view for the coming weeks into a chase right now would be a big leap.
No need to rush in. If it pulls back to the former range high and still closes above it, the bullish case has a foothold. If it slips back into the range, set aside the breakout trade for now.
Keep one level in mind: 48.43. If it holds, the next area to watch is 58.3771; if it fails, stop out near 43.4564.
#Short-termWatch
The breakout leans bullish, but chasing feels overheated. The daily close has already moved above the previous range high, and the price is still holding above it, so this level is worth watching. But it’s quite far from the moving average. Turning a bullish view for the coming weeks into a chase right now would be a big leap.
No need to rush in. If it pulls back to the former range high and still closes above it, the bullish case has a foothold. If it slips back into the range, set aside the breakout trade for now.
Keep one level in mind: 48.43. If it holds, the next area to watch is 58.3771; if it fails, stop out near 43.4564.
#Short-termWatch