After RSI fell to 22.8, I’m actually not as panicked anymore—$SOXLB has slid all the way from 109.11 14 days ago to 43.22. Anyone who was going to panic has already done it.
In plain English: selling has been pretty relentless. It’s definitely oversold in the short term, but “oversold” just means it fell too fast—it doesn’t mean it’s hit bottom. The 14-day low of 38.81 isn’t far below. If it breaks, that’s a new low. There’s not much to argue about.
If I had to choose, I’d lean toward waiting a bit. Not because I can predict where it’s going, but because I can’t handle swings of 5.32% in a day. Chasing it now would be no different from trying to catch a falling knife. That said, if it holds above 38.81 and RSI turns upward, I’ll be quick to admit I was wrong.
At this RSI level, would you wait for confirmation or start with a small position?
$SOXLB
#SOXLB #Market analysis
In plain English: selling has been pretty relentless. It’s definitely oversold in the short term, but “oversold” just means it fell too fast—it doesn’t mean it’s hit bottom. The 14-day low of 38.81 isn’t far below. If it breaks, that’s a new low. There’s not much to argue about.
If I had to choose, I’d lean toward waiting a bit. Not because I can predict where it’s going, but because I can’t handle swings of 5.32% in a day. Chasing it now would be no different from trying to catch a falling knife. That said, if it holds above 38.81 and RSI turns upward, I’ll be quick to admit I was wrong.
At this RSI level, would you wait for confirmation or start with a small position?
$SOXLB
#SOXLB #Market analysis