Daily SOXL Chart 1/19/24

Major Break Out Today?

On the Daily Chart we are up against the daily Break Level. With how strong the move has been all week, I expect price to blast through the daily break level today.

The 4hr gives us a better look pre-market. We have the 4hr trend holding as well. If we lose this trend or we reject off the daily hold level first thing this morning, I expect price to dump back down to the weekly topside trend line for a backtest.

We rejected off the weekly hold level and trend to start this move, which makes me think we are seeking the opposite weekly hold/break level and we already went through the strong hold level. Which suggests we are looking for either the weak hold level at $36.59 or the break level at $42.23.