$SOXLB is up over 10% today, trading at $102.20, but it is still down over 24% in the last seven days. This daily surge comes with high volume, 75% above its 7-day average.
The 14-hour RSI for $SOXLB is at 74.9, indicating it is currently overbought. While today's strong volume confirms buying interest, the extreme RSI suggests a pullback could be coming, especially as it trades 25% below its 7-day high of $136.55.
I am cautious here. My view would turn more bullish if $SOXLB can break and hold above its 7-day high of $136.55 with sustained volume. Until then, I am watching for the RSI to cool down from current levels.
#SOXLB #MarketRSI
The 14-hour RSI for $SOXLB is at 74.9, indicating it is currently overbought. While today's strong volume confirms buying interest, the extreme RSI suggests a pullback could be coming, especially as it trades 25% below its 7-day high of $136.55.
I am cautious here. My view would turn more bullish if $SOXLB can break and hold above its 7-day high of $136.55 with sustained volume. Until then, I am watching for the RSI to cool down from current levels.
#SOXLB #MarketRSI