SoFi Technologies, Inc. (Nasdaq: SOFI) has been one of this year’s best-performing stocks with its stock up more than 77% YTD – outperforming the market in the process. While the stock is down 8.6% since our last article covering it, it may be poised to rebound soon as its Q3 earnings are set to come out pre-market on October 30th. Analysts expect the Fintech to...
Sofi is still one of my larger bets for small caps long-term. We are seeing a clear expansion of volatility within this wedge. If small caps reverse likely and upside break. We are at the exact point of a large sell order from May today with an area of a lot of support. I would bet we hold, but I do no not currently have open trades on the stock, just my long-term spot.
SOFI has recently finished a long term uptrend and is now continuing a downtrend pattern, there are multiple indications pointing towards bearish movement for the long term. Will update if any additional information changes my forecast.
NASDAQ:SOFI SoFi has broken out of the descending wedge and the Head and Shoulder neckline recently, currently resting on the neckline support.
To make a move towards the $9.20 - $9.50 area, it must maintain a position above the $8 level.
See my previous post for price levels.
SOFI resumed student loans for this quarter which was previously their largest money maker. Their banking license along with suite of companies they have acquired has fulfilled their business strategy. I am looking forward into the rest of the years results. SOFI attempting to take resistance for the third time (green line). I started averaging in around 4.75$.
SOFI
Daily chart analysis
Between Jan.’21 thru Jan.’22, SOFI was in a Distribution stage.
The Downtrend place between Jan.’22 thru May.’22.
After bottoming out in May.’22, price entered a sideways market seeing price bounce around between 4.80 – 8.
In June '23, the price broke upward from a sideways range. Between the breakout and September '23, attempts to...
NASDAQ:SOFI : In my previous post, I mentioned that #Sofi could bounce from the trendline.
Well, it did bounce from that trendline. 😉
It presently finds itself at a pivotal resistance zone, formed by the convergence of three significant elements:
1. The upper trendline of the descending wedge
2. A 50% Fibonacci retracement level
3. The neckline resistance...
NASDAQ:SOFI what a day! The price overshot a bit below $7.22 today and bounced. $7.22 is critical and needs to hold for the bulls to regain control.
I am watching for a potential trendline bounce.
If the price can break out of that wedge, it can travel to $9.20 area.
There is still risk to the downside around $6.89 area.
Keep in mind that a full measured...
NASDAQ:SOFI came close to $7.22 and then bounced. It is currently at the neckline. The price would need to clear $9.20 to create a new uptrend and invalidate the Head and Shoulders pattern.
The MACD is narrowing, and the RSI is curling up.
Friday's candle printed a shooting star, suggesting that there are sellers above $8.
Currently, it is at a crossroads....
can start buying at 7.4 and add at 7.10 ,S L CAN be weekly close below 6.80
price did move out of an old trend channel + could be finding support near old resistances ,
lets see if this fintech stock can stay out of trouble , failing to which id be interest only again around 4.5 levels or breaking 52 week high
The "Front-Side" & "Back-Side" support levels reference FVG but labeled as such to simplify the candle being tested.
Backside candle in an accumulation range is the first candle in the range. When it is tested I expect a bigger bounce.
IF that EXPECTATION is not met THEN I expect price to target the Frontside candle or last candle in the range and hold through...
NASDAQ:SOFI is fighting to overcome the 50-day moving average (DMA). Breaking above $9.20 is bullish.
The price needs to clear $10 OR stay above $8 to prevent a potential head and shoulder pattern.
So far, the trend is pointing upward.
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Sofi is one of my largest spot holdings for small caps. They have finished their acquisition phase and have all of the tools/services set in place. With their recent banking license they are able to get better rates, and retain debt for longer cycles. With student loans resumed their earnings should start to really shape up towards profitability. If the CPI print...
A Major classic Bear Flag is setting up nicely with an targe extension pole to $4.60. Remember the length of the flag pole is the measured length to the target price which sits at the $4.60 which is also the support area.
I posted the chart analysis in my earlier tweet for the near-term outlook. For the long term, there is a chance that we are seeing the cup and handle pattern forming. The MCAD, RSI, and William R% indicators are all still in an uptrend.
Now, someone might say, "Bro, cup and handle patterns are continuation patterns that happen on uptrends." Well, you'd be...
NASDAQ:SOFI climbed above the POC resistance level today, with the MCAD curling. Here are the levels to watch:
- $8.93
- $9.50
- $10
$10 is a key resistance level.
$8 is a key support level.
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