Global X Social Media ETF (SOCL) Tests Key Chart Levels
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The Global X Social Media ETF (SOCL) is now trading in the vicinity of its 200-day moving average.Similar to the significance of year-to-date (YTD)/one-year percentage gains, I've been intrigued via observations on many charts how stocks/ETFs might find resistance at certain round-number percentage gains above or below key pivot points on a chart, in addition to percentage gains relative to IPO prices or first-trading-day closes.With the above in mind:
Finally, SOCL doesn’t generate a ton of daily volume, which is surprising to me. But volume did ramp up in September 2013 from just over literally below 10k per day to hundreds of thousands per day. SOCL was trading around $19.00 when volume began surging, so this may be a level of interest too.
Also, on March 27th shares made a hammer candlestick pattern which dipped below the 200-day moving average and came within a few cents of hitting the Fibonacci 38.2 percent retracement level of the all-time low to the all-time high.
Anectodally, there seems to be a lot of buzz around this sector. The recent acquisition of WhatsApp by Facebook (FB) for $19 billion raised several eyebrows. You also have a lot of companies looking to enter into the music streaming business that has been dominated by Pandora (P) in recent years. When you see big money being thrown around for new companies, you can clearly see why this is an industry receiving so much attention and perhaps a flood of new entrants in the future.
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