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Direxion Daily Semiconductor Bull 3X Shares (NYSE:SOXL) skyrocketed almost 20% higher last Friday and printed a massive bullish kicker candlestick on the daily chart.
The semiconductor sector has seen bullish momentum since NVIDIA Corporation (NASDAQ:NVDA) reported its quarterly earnings, which caused the stock to reach a new all-time high. SOXL is a triple-leveraged fund that consists of a variety of stocks in the semiconductor sector. Advanced Micro Devices, Inc (NASDAQ:AMD) makes up 7.03% of the fund, while Nvidia is weighted at 8.81%.
Tech stocks, including chipmaker stocks, have enjoyed bullish price action recently, matching the positive movements seen in the general markets. On Friday, the S&P 500 closed just under a heavy resistance level near $420 and if the market ETF can regain the level as support, tech stocks could run higher.
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Traders who are bearish on the semiconductor sector can track the Direxion Daily Semiconductor Bear 3X Shares (NYSE:SOXS).
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The SOXL Chart: SOXL gapped up to open Friday’s trading session and closed near the high-of-day, which caused the ETF to print a bullish kicker candlestick. The candlestick suggests SOXL could trade higher again on Monday.
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