Down 17.06% in a single day—anyone holding this would have their hands shaking. $SOXLB is at 55.95, sliding all the way down from 68.94 over the past 24 hours, with $54.0 million in trading volume. Sellers aren't holding back at all.
Put simply: this isn't a slow bleed. Sellers are making their stance clear through trading volume, and holders aren't most afraid of the drop—they're afraid of not knowing whether this is the last big hit. 52.43 is the 24-hour low; if it breaks, that's a new low, with hardly any support below.
I'd rather sit tight and watch for now, because buying right near the low is a fine line between catching a falling knife and buying the dip. But if it gets back above 68.94, I'll change my mind immediately—that would mean this downturn has started to ease.
At a level like this, would you step in now, or wait until it's finished falling?
$SOXLB
#SOXLB #MarketAnalysis
Put simply: this isn't a slow bleed. Sellers are making their stance clear through trading volume, and holders aren't most afraid of the drop—they're afraid of not knowing whether this is the last big hit. 52.43 is the 24-hour low; if it breaks, that's a new low, with hardly any support below.
I'd rather sit tight and watch for now, because buying right near the low is a fine line between catching a falling knife and buying the dip. But if it gets back above 68.94, I'll change my mind immediately—that would mean this downturn has started to ease.
At a level like this, would you step in now, or wait until it's finished falling?
$SOXLB
#SOXLB #MarketAnalysis