The bulls and bears are already going at it over this one. $SOXLB is quoted at 46.27, up 4.52% for the day, but the RSI is still sitting at 30.2. Over the past 14 days, it plunged from 109.11 to 38.81 and has only just caught its breath.
Honestly, this kind of price action is the most agonizing: it’s up 4% today, so it looks like it’s recovering, but then you look again and it’s still nowhere near its 14-day high. Anyone holding it must be feeling torn—when it rises a little, they want to get out; after selling, they’re afraid it might actually reverse. The drop was steep and relentless, so in the short term it really is oversold—but being oversold doesn’t mean it’s done falling.
I’d lean toward waiting and watching for now. An RSI around 30 suggests that most of the selling may already be behind us, but for it to truly turn around, it first needs to hold above 49.70, the 24-hour high. If it can’t, this 4% gain may just be a breather after falling too far. If I were holding it, I’d wait to see it stabilize above 38.81—not because I’m sure I’ve got it right, but because I’m afraid of taking another red candle.
A candid question for anyone holding $SOXLB : are you more inclined to buy more, or to get out?
$SOXLB
#SOXLB #Market Analysis
Honestly, this kind of price action is the most agonizing: it’s up 4% today, so it looks like it’s recovering, but then you look again and it’s still nowhere near its 14-day high. Anyone holding it must be feeling torn—when it rises a little, they want to get out; after selling, they’re afraid it might actually reverse. The drop was steep and relentless, so in the short term it really is oversold—but being oversold doesn’t mean it’s done falling.
I’d lean toward waiting and watching for now. An RSI around 30 suggests that most of the selling may already be behind us, but for it to truly turn around, it first needs to hold above 49.70, the 24-hour high. If it can’t, this 4% gain may just be a breather after falling too far. If I were holding it, I’d wait to see it stabilize above 38.81—not because I’m sure I’ve got it right, but because I’m afraid of taking another red candle.
A candid question for anyone holding $SOXLB : are you more inclined to buy more, or to get out?
$SOXLB
#SOXLB #Market Analysis