How the price action of Direxion Daily Semicondct Bear (SOXS) is used to our Advantage

August 03, 2022, 12:00 pm ET, BY Rick O.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

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  Direxion Daily Semicondct Bear (NASDAQ: SOXS) data table below can help you with price action, and we have more details too. Trading plans for SOXS 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.

Longer Term Trading Plans for SOXS

• Buy SOXS slightly over 28.06 target 44.87 stop loss @ 27.98 Details

The technical summary data tells us to buy SOXS near 28.06 with an upside target of 44.87. This data also tells us to set a stop loss @ 27.98 to protect against excessive loss in case the stock begins to move against the trade. 28.06 is the first level of support below 36.96 , and by rule, any test of support is a buy signal. In this case, support 28.06 would be being tested, so a buy signal would exist.

• Short SOXS under 44.87, target 28.06, stop loss @ 45 Details

The technical summary data is suggesting a short of SOXS as it gets near 44.87 with a downside target of 28.06. We should have a stop loss in place at 45though. 44.87 is the first level of resistance above 36.96, and by rule, any test of resistance is a short signal. In this case, if resistance 44.87 is being tested, so a short signal would exist.

Swing Trading Plans for SOXS

• Buy SOXS slightly over 38.87, target 44.87, Stop Loss @ 38.76 Details

If 38.87 begins to break higher, the technical summary data tells us to buy SOXS just slightly over 38.87, with an upside target of 44.87. The data also tells us to set a stop loss @ 38.76 in case the stock turns against the trade. 38.87 is the first level of resistance above 36.96, and by rule, any break above resistance is a buy signal. In this case, 38.87, 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 SOXS near 38.87, target 32.45, Stop Loss @ 38.98. Details

The technical summary data is suggesting a short of SOXS if it tests 38.87 with a downside target of 32.45. We should have a stop loss in place at 38.98 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, 38.87, 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 SOXS

• Buy SOXS slightly over 38.37, target 38.87, Stop Loss @ 38.28 Details

If 38.37 begins to break higher, the technical summary data tells us to buy SOXS just slightly over 38.37, with an upside target of 38.87. The data also tells us to set a stop loss @ 38.28 in case the stock turns against the trade. 38.37 is the first level of resistance above 36.96, and by rule, any break above resistance is a buy signal. In this case, 38.37, 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 SOXS near 38.37, target 35.16, Stop Loss @ 38.46. Details

The technical summary data is suggesting a short of SOXS if it tests 38.37 with a downside target of 35.16. We should have a stop loss in place at 38.46 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, 38.37, 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.

SOXS Ratings for August 03:

Term →	Near	Mid	Long
Rating	Weak	Weak	Weak
P1	0	0	28.06
P2	35.16	32.45	44.87
P3	38.37	38.87	63.49

Support and Resistance Plot Chart for SOXS

Real Time Updates for Repeat Institutional Readers:

Factset: Request User/Pass

Bloomberg, Reuters, Refinitiv, Zacks, or IB users: Access Here.