Avoid chasing SOXX immediately; a subsequent pullback with rising moving averages and price above the 50-day MA supports a bull thesis toward new highs.
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Semiconductors have regained the lead here once again.
The semiconductor sector, in fact, is doing what we have been talking about over the past few weeks . This week we calculated the average of this data outside of the 20-day and 50-day moving averages.
Sorry , the 50-day moving average is different from the 20-day moving average . So now the 20-day moving average is flat, and it will start to rise on Monday because we are replacing this data with a new bar here.
The 50-day moving average will still need two or three days to stabilize.
If you are not already involved, I do not recommend chasing the price; Because it is likely to rise, perhaps break this small peak, then we get a pullback, and by that time the 50-day moving average will start to rise, as will the 20- day average, and the price will exceed the 50- day average, and then the semiconductor sector will head towards new record levels if this scenario is realized.
What this channel has said about $SOXX
Brian Shannon has only this one call on this stock.