After leading the market in 2017, the semiconductors have been volatile in 2018.
The Semiconductors leveraged ETF (SOXL) has rallied with strength the past week. Let’s take a look.
Using pivot analysis, it’s clear that the Yearly Pivot Point (YP) has been strong support at #121.
The next rally target is the Quarterly Pivot Point (QP) at $160.
And should the move push higher yet, it will target the Yearly R1 Pivot Point around $188-$200. This area is very strong resistance.
The biggest reversals during year happen at the yearly pivot points.
$SOXL Semiconductors 3x ETF Pivot Chart
Learn more about these key price pivots at on Pivotal Pivots or catch me on Twitter.
Twitter: @Pivotal_Pivots
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
