SOXL Direxion Semiconductor Bull 3X ETF 43.49 now https://www.binance.com/en/futures/SOXLUSDT?_from=markets&ref=GMGNX dyor - This is a relief bounce after being oversold, not a trend reversal. Funding rates are positive, meaning shorts are getting paid to hold their positions. This is another point in favor of the bearish side. That said, the strong green candle with higher volume and the recent low holding up show that short-term selling pressure is slowing down. A move back above 48 is needed before we can talk about a real trend recovery. Given the current MA structure and the number of upcoming events, that looks difficult in the short term. My preferred setup is to short a bounce into 46.5-47 if it gets rejected. Entry: 46.8 Stop loss: 48.6 Take profit: 40.8