SOXS dominated by bears dragging the market lower throughout the day


Direxion Daily Semiconductor Bear 3x Shares (SOXS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

SOXS breaks below key technical support level
SOXS falls to lowest close ever
SOXS dominated by bears dragging the market lower throughout the day
SOXS closes lower for the 2nd day in a row
SOXS ends the day on a bearish note closing near the low of the day

Overview

Moving lower for the 2nd day in a row, SOXS finished the month -24.43% lower at 5.32 after losing $0.46 (-7.96%) today. Today's close at 5.32 marks the lowest recorded closing price ever. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily Candlestick Chart (SOXS as at Jun 30, 2020):

Daily technical analysis candlestick chart for Direxion Daily Semiconductor Bear 3x Shares (SOXS) as at Jun 30, 2020

Tuesday's trading range has been $0.44 (7.72%), that's slightly above the last trading month's daily average range of $0.42. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SOXS.

Two candlestick patterns are matching today's price action, the Bearish Belt-hold and the Black Candle which are both known as bearish patterns.

Prices broke below the key technical support level at 5.34 (now R1), which is likely to act as resistance going forward. The last time this happened on May 27th, SOXS actually gained 6.55% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. Its common bearish interpretation has been confirmed for Direxion Daily. Out of 220 times, SOXS closed lower 52.73% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 69.09% with an average market move of -2.87%.


Market Conditions for SOXS as at Jun 30, 2020

Loading Market Conditions for SOXS (Direxion Daily Semiconductor Bear 3x Shares)...
Latest Report:

SOXS finds buyers again around 4.62

Jul 10, 2020
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Direxion Daily Semiconductor Bear 3x Shares traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!