SOFI channeling but rising LONG
Shown on a 15-minute chart, SOFI is seen slowly rising in a parallel channel
bounded by a pair of anchored VWAP bands - the first and second deviations
above the mean VWAP from anchors back in mid-June. Fundamentally, SOFI
has been challenged by another round of student loan forgiveness by our
President as well as the instability in the prime rates ongoing.
On the chart, price is near to the bottom support of the mean VWAP lines coming
back to them since rising above them about July 10th. The trend index indicator
is neutral having resolved a minor trend down. Price dropped today with the
bond auction fiasco and general market downturn. the RS indicator shows both
low and high time frame lines bounced from the lows and the lower time frame
green line now crossing over 50.
I see SOFI as ripe and ready for a long trade to exploit this dip and the overall
long trend in a slowly rising channel I will set a stop loss under VWAP at 8.97
and the target of 9.45 , the first standard deviation blue lines and the POC line of
the volume profile, and the secondary target of 9.95 below the second
deviation red lines . I see that as a buy the low dip and sell upon the reversion to
the mean.
bounded by a pair of anchored VWAP bands - the first and second deviations
above the mean VWAP from anchors back in mid-June. Fundamentally, SOFI
has been challenged by another round of student loan forgiveness by our
President as well as the instability in the prime rates ongoing.
On the chart, price is near to the bottom support of the mean VWAP lines coming
back to them since rising above them about July 10th. The trend index indicator
is neutral having resolved a minor trend down. Price dropped today with the
bond auction fiasco and general market downturn. the RS indicator shows both
low and high time frame lines bounced from the lows and the lower time frame
green line now crossing over 50.
I see SOFI as ripe and ready for a long trade to exploit this dip and the overall
long trend in a slowly rising channel I will set a stop loss under VWAP at 8.97
and the target of 9.45 , the first standard deviation blue lines and the POC line of
the volume profile, and the secondary target of 9.95 below the second
deviation red lines . I see that as a buy the low dip and sell upon the reversion to
the mean.
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