SOFI EMA Clouds, Support, Resistance
SOFIBig takeaway: EMA cloud flips in accumulation zone/selling pressure zone. Look at the blue circles, these would have been excellent entry point for a long position.
2 Levels of support; solid white and dotted white lines.
The dotted line is allowing lower lows
The solid line is allowing higher lows
Look for the upper/solid support line to be respected in order
to continue setting higher lows and continue an overall
bullish uptrend
If the lower/dotted line is broken with confirmation,
the bears will have control.
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2 Levels of resistance; solid yellow and dotted yellow lines.
The solid line is a much stronger resistance
The dotted line could be flipping to support if buying pressure can
overtake the sellers in the selling pressure zone.
Look for the upper/solid support line to be broken in order to start
a new upward resistance trend in order to set higher highs.
5 daily candles have used this line as support, 6 have used is a resistance.
Note the large gap in price around earnings in August. This in my opinion was a market overreaction in which the lower support was respected perfectly.
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