SOX Index rebounds from key Fibonacci target, eyes rally to $13,500
The Philadelphia Semiconductor Index has bounced from a critical Fibonacci level, with analysts now targeting a potential move toward $13,500, provided it holds above last week’s low.
The SOX Index has staged a rebound from an important Fibonacci target, according to a recent technical assessment. The bounce aligns with earlier expectations that the index could push higher if it maintained support above last week’s low.
A prior analysis had identified $11,960 as a pivotal level. A break below that would have opened the door to further downside, with an ideal target around that zone, but the hold has enabled the recovery.
Now, with the bounce in play, the next upside objective is seen near $13,500. Traders will likely monitor whether the index can sustain momentum toward that level without undercutting the recent low.
Source: FXStreet Forex News