$SOXLB jumped 8.205% in the last 24 hours, but it remains 13.444% below its 7-day high of $106.81. This strong bounce from the 7-day low of $78.17 pushed the Relative Strength Index (RSI) to 70.1.
While the immediate move is significant, the volume at 0.979 times its 7-day average does not strongly confirm this rapid upward push. Looking at the 7-day chart, a move of this magnitude with an elevated RSI and only average volume often leads to a consolidation or pullback. My view is cautious here; the current price surge looks overextended in the short term.
I would turn more bullish if $SOXLB clearly breaks and holds above the $106.81 level with sustained high volume. Until then, I am watching for a potential retest of lower support levels.
#SOXLB #ETFs
While the immediate move is significant, the volume at 0.979 times its 7-day average does not strongly confirm this rapid upward push. Looking at the 7-day chart, a move of this magnitude with an elevated RSI and only average volume often leads to a consolidation or pullback. My view is cautious here; the current price surge looks overextended in the short term.
I would turn more bullish if $SOXLB clearly breaks and holds above the $106.81 level with sustained high volume. Until then, I am watching for a potential retest of lower support levels.
#SOXLB #ETFs
