Verified Investing on $SOXX (Oct 29, 2026)
SOXX's breakout attempt failed: it rose to the 50% level of a parallel channel from April 2025 but closed back below and keeps being rejected there, holding price in the channel's lower half. Support sits at the 541.62 gap filler, then the channel bottom at 534 if selling continues.
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Regarding semiconductors, as I said when we were talking about this yesterday, how did this great breakout attempt happen and we simply saw a pullback, then we went back to this downtrend line , and instead we got support at the bottom of this parallel channel dating back to April 2025.
And yesterday I said: " Great uptrend, but the 50% area of this parallel channel is the resistance point." The price rose, broke through that level, and immediately fell back down to close below the 50% threshold, keeping the price action within the lower 50% range of this narrower parallel channel.
Today you will see the price drop after trading hours, continuing to reject that 50% area, which makes the next support level the gap filler here, at 541.62. Note that if we start selling across that level tomorrow, the bottom of this parallel is also support, at 534 and then 541, sorry, 541 and 62 cents.
This range will be the cradle of support tomorrow if we see continued selling in semiconductor stocks.