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

January 16, 2024, 07:54 am ET, BY Jake B.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Longer Term Trading Plans for SOXX

• Buy SOXX slightly over 538.74 target 579 stop loss @ 537.18 Details

The technical summary data tells us to buy SOXX near 538.74 with an upside target of 579. This data also tells us to set a stop loss @ 537.18 to protect against excessive loss in case the stock begins to move against the trade. 538.74 is the first level of support below 555 , and by rule, any test of support is a buy signal. In this case, support 538.74 is being tested, a buy signal would exist.

• Short SOXX slightly under 579, target 538.74, stop loss @ 580.67 Details

The technical summary data is suggesting a short of SOXX as it gets near 579 with a downside target of 538.74. We should have a stop loss in place at 580.67though. 579 is the first level of resistance above 555, and by rule, any test of resistance is a short signal. In this case, if resistance 579 is being tested, a short signal would exist.

Swing Trading Plans for SOXX

• Buy SOXX slightly over 560.4, target 579, Stop Loss @ 558.78 Details

If 560.4 begins to break higher, the technical summary data tells us to buy SOXX just slightly over 560.4, with an upside target of 579. The data also tells us to set a stop loss @ 558.78 in case the stock turns against the trade. 560.4 is the first level of resistance above 555, and by rule, any break above resistance is a buy signal. In this case, 560.4, 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 560.4, target 538.74, Stop Loss @ 562.02. Details

The technical summary data is suggesting a short of SOXX if it tests 560.4 with a downside target of 538.74. We should have a stop loss in place at 562.02 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, 560.4, 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 559.76, target 560.4, Stop Loss @ 558.45 Details

If 559.76 begins to break higher, the technical summary data tells us to buy SOXX just slightly over 559.76, with an upside target of 560.4. The data also tells us to set a stop loss @ 558.45 in case the stock turns against the trade. 559.76 is the first level of resistance above 555, and by rule, any break above resistance is a buy signal. In this case, 559.76, 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 559.76, target 553.52, Stop Loss @ 561.07. Details

The technical summary data is suggesting a short of SOXX if it tests 559.76 with a downside target of 553.52. We should have a stop loss in place at 561.07 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, 559.76, 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 January 16:

Term →	Near	Mid	Long
Rating	Strong	Neutral	Strong
P1	0	0	499.17
P2	553.52	534.29	538.74
P3	559.76	560.4	579

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.