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After a 33% rally from its last base breakout at $15, Global X Social Media Index ETF ($SOCL), is now in base mode the past few weeks. The first pullback to the rising 10-week MA after a strong breakout is usually an area that is supported by institutions, and we clearly see that last week, as $SOCL dipped below the 10-week MA but closed back above it by the end of the week. The base looks like it needs a few more weeks of consolidation, which should hold above $19, minus a few shakeouts. We will continue to monitor the action for a low risk entry point off the 10-week MA.

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