Tech stocks have been under pressure lately amid increasing regulatory pressure toward social media companies, especially Facebook and Twitter. After surging more than 52 percent in 2017, the Global X Social Media ETF (SOCL) fell more than 5 percent YTD while the S&P gained over 8 percent over the same period. Now the question is whether recent pullback is a pause that refreshes or it’s a beginning of a something worse? Below is an update look at a trade in SOCL.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – Global X Social Media ETF (weekly)
Our “U.S. Market Trading Map” painted SOCL bars in red (sell) – see area ‘A’ in the chart. The first dominant feature on the chart is the rising trend line starting in early 2016. The second dominant feature of the chart is the downward trend since early 2018. The late June massive selloff pushed the ETF…Click here to read more.
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
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