$Direxion Daily Semiconductors Bear 3x Shares(SOXS)$ is setting up for a potential breakout. Price is at $34.44 with above average volume. Renewed chip export restriction fears are driving a semiconductor selloff, which is fueling demand for this inverse play. Resistance sits at $37.20 and support is at $32.10.
The bull case is that a break above $37.20 on strong volume could send SOXS toward $40 as semis keep rolling over. On the other side, if chip stocks stabilize and bounce, SOXS could slide back through $32.10 support pretty quickly.
What I'm watching is whether we get a clean volume-backed close above resistance to confirm the bullish momentum is still intact.
Not a financial advisor, just sharing what I see on the chart.
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