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SOFI I have tripled my option positions on SoFi. I have rebuilt my positions after taking profits on the run-up.I may accumulate more if it goes down, what used to be a major resistance area has now turned into a major support. It is forming a higher base for the next leg up. I remain optimistic about the targets that I laid out in the previous chart.
Why?
Three reasons:
1. Noto clearly stated before the Fed's interest rate cut that 50 basis points would be very good for SoFi. The market shrugged it off.
2. Shorts are currently nervous. They are getting burned in semi, tech, and China shorts. Everything is going up. If you are short, this has got to get to your nerves. They will start to cover. This is what is happening with RKLB.
SOFI and fintech stocks are next.3. The chart setup. It is clearly forming a higher base. It has so far refused to break down below the support region. It looks like a successful check back to the inner trendline. Volume is going lower on the decline. Oh, need I mention my stage analysis chart?
As always, I share my opinions and trades. I'm not suggesting anyone follow my trades. You do you.
I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
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