SOFI - a lot of momentum in the business with a bank charter around the corner, new president, football stadium, and more. This stock looks ready for a significant move to the upside. I could potentially see one wave lower to the green demand box, but with the 4hr divergence, decided to go ahead and jump in. Long shares of SOFI.
1. Testing support?
2. Price respects historical pattern?
3. Flag down needs to finish?
I like this setup. I want to see bullish candles at support. Once price rejects support, I want to see whether or not price will break through my trend line for a move towards the upsiide.
... for .53/contract debit.
Comments: A little bit of Plain Jane profit taking ... . Put this on for 1.70 credit/contract (See Post Below). 1.70 - .53 = 1.17 ($117) profit per contract with 14 days to go. I've still got October 15th 20 covered calls and October 15th 15 short puts on.
SoFi Technologies has received a lot of attention from a substantial price movement over the last few months, increasing to US$23.89 at one point, and dropping to the lows of US$13.75
It seems Sofi Technologies has be gaining as a platform, and members seem to be growing.
The further development of their app and platform should increase user satisfaction and...
A brief Elliott Wave analysis of SOFI shows a 5-3-5 corrective structure that appears to be complete or almost complete. With market weakness in the overall indicies, it's possible this sees a little more downside, perhaps in an ending diagonal structure (falling wedge), that would ultimately resolve to the upside. Alternatively, the 13.50 print from 8/17 was the...
... for a 1.76 credit.
Comments: Adding to my relatively small SOFI position here on weakness as a little bit of an engagement trade while I wait for a higher volatility environment in the broad market or exchange-traded funds.
My cost basis in any shares I may get assigned is the strike price (15.00) minus the credit received (1.76) or 13.24. The whole...
... for a .41/contract credit.
Notes: Rolling my covered calls from September to October here with a resulting cost basis of 16.17 (See Post Below) - .42 or 15.76/share. I wanted to do this before more volatility pisses out post-earnings announcement. Still have the September 17th 15 short put on, which I'm intending to run to expiry, since this is a...
It looks like the Triangle pattern for SOFI has been confirmed by the bounce from the support.
We have 2 gaps at around the same levels that we are going to fill next, as the TP is going to be set at around $23.
I wish you all good luck!
After plotting the Fib retracement using January's low as the anchor, some really interesting levels started to present themselves...mainly the 786 fib line. Each time it has broken down and tested it, SOFI bounced shortly after. Now that volume is beginning to gain ground, this could get interesting. On top of that you can see that the 618 fib line has also...
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SOFI Technologies about to break up. All technical indicators suggest upwards movement as highlighted on the chart.
I will monitor closely but massive opportunity to buy now or wait for a little bit more weakness.
Targets as per Chart
Open for discussion right here or in private.
Let me know what you think .
... for a 1.70 credit.
Notes: I already have a two lot of covered calls on, but want to take advantage of high implied volatility here to potentially add at support. As usual, I'm fine with taking on additional shares, particular where the cost basis would be 15 - 1.70 or 13.30/share. 12.78% ROC at max as a function of notional risk.