Due to the price rejecting off the 4hr hold level yesterday, the price was looking for the opposite 4hr hold or break level today. Since the 4hr hold level failed to hold the price, that sent us to the bottom of the leg of the move. This gave us our first touch of the 4hr break level, which 90% of the time is going to give price a strong rejection.
SOXL Trade Update (Jan 17th 2023)
SOXL Trade Update (Jan 17th 2023)
SOXL Trade Update (Jan 17th 2023)
Due to the price rejecting off the 4hr hold level yesterday, the price was looking for the opposite 4hr hold or break level today. Since the 4hr hold level failed to hold the price, that sent us to the bottom of the leg of the move. This gave us our first touch of the 4hr break level, which 90% of the time is going to give price a strong rejection.