How the (SOXX) price action is used to our Advantage

August 21, 2024, 22:18 pm ET, BY Thomas H. Kee Jr- Editor, Stock Traders Daily| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for SOXX

• Buy SOXX slightly over 225.83 target 249.14 stop loss @ 225.18 Details

The technical summary data tells us to buy SOXX near 225.83 with an upside target of 249.14. This data also tells us to set a stop loss @ 225.18 to protect against excessive loss in case the stock begins to move against the trade. 225.83 is the first level of support below 235.34 , and by rule, any test of support is a buy signal. In this case, support 225.83 would be being tested, so a buy signal would exist.

• Short SOXX slightly under 249.14, target 225.83, stop loss @ 249.86 Details

The technical summary data is suggesting a short of SOXX as it gets near 249.14 with a downside target of 225.83. We should have a stop loss in place at 249.86though. 249.14 is the first level of resistance above 235.34, and by rule, any test of resistance is a short signal. In this case, if resistance 249.14 is being tested, so a short signal would exist.

Swing Trading Plans for SOXX

• Buy SOXX slightly over 241.28, target 249.14, Stop Loss @ 240.58 Details

If 241.28 begins to break higher, the technical summary data tells us to buy SOXX just slightly over 241.28, with an upside target of 249.14. The data also tells us to set a stop loss @ 240.58 in case the stock turns against the trade. 241.28 is the first level of resistance above 235.34, and by rule, any break above resistance is a buy signal. In this case, 241.28, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short SOXX slightly near 241.28, target 234.07, Stop Loss @ 241.98. Details

The technical summary data is suggesting a short of SOXX if it tests 241.28 with a downside target of 234.07. We should have a stop loss in place at 241.98 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 241.28, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for SOXX

• Buy SOXX slightly over 235.76, target 241.28, Stop Loss @ 235.21 Details

If 235.76 begins to break higher, the technical summary data tells us to buy SOXX just slightly over 235.76, with an upside target of 241.28. The data also tells us to set a stop loss @ 235.21 in case the stock turns against the trade. 235.76 is the first level of resistance above 235.34, and by rule, any break above resistance is a buy signal. In this case, 235.76, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short SOXX slightly near 235.76, target 234.07, Stop Loss @ 236.31. Details

The technical summary data is suggesting a short of SOXX if it tests 235.76 with a downside target of 234.07. We should have a stop loss in place at 236.31 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 235.76, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Check the time stamp on this data. Updated AI-Generated Signals for  Ishares Phlx Sox Semiconductor Sector Index Fund (SOXX) available here: SOXX.

SOXX Ratings for August 21:

Term →	Near	Mid	Long
Rating	Strong	Strong	Strong
P1	0	0	225.83
P2	232.82	234.07	249.14
P3	235.76	241.28	271.36

AI Generated Signals for SOXX

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Our job as #investors is to pay attention to the #stocks we own.  Part of that involves looking at the #fundamentals, but half of the disclosure comes from looking at price action. The  Ishares Phlx Sox Semiconductor Sector Index Fund (NASDAQ: SOXX) data table below can help you with price action, and we have more details too. Trading plans for SOXX are shown here too; these plans are updated in real time for subscribers, where this report is static. If you want an update, or a report on a different stock, please get one here Unlimited Real Time Reports.