Build up a SOFI positionGreat opportunity to build up a position in SOFI. Price is testing trendline as a local resistance, right in the middle of a channel. In anticipation of price action it's a perfect moment to step in.
SOFI trade ideas
Bullish Gartley on #SOFIWell look what we have here.
Looks like it should complete just below a gap fill and close to an ascending trendline. I don't believe in coincidences.
#SOFI
Sofi breakdownSofi is breaking down pretty badly here below the long-term trend line. This has happened before, I call these washouts if they return to the trend line after brief deviations. The prior candle is a very clear rejection candle with a high wick and long body, this is a bad sign for momentum or bullishness. I continue to slowly add to 2026 LEAPs and to sell 6.5 cash secured puts. This could really break down much worse though, 5.65$ looks supportive.
$SOFI $20 June '25Rate cuts incoming + Company's underlying metrics continue to grow + Undervalued compared to competitors
Possible scenarioThis is getting interesting. Looks like a breakdown a very bearish. But if the weekly candle closes up within the triangle that would be a bear trap. And it would be very possible that bulls try to break up the triangle. Let's see how the week closes and next week I'll have more clarity on what to do next.
$SOFI - Can we breakout this time?NASDAQ:SOFI It did bounced where it needed to bounce from. Now can we see a breakout this time around? $9 is a possibility, if the breakout happens. Watch $7.20 (50 day moving average) for a break out confirmation.
Overhead resistances:
$7.20
$7.70 - $7.90 (hard resistance)
$SOFI - Bounce here or elseNASDAQ:SOFI If there is a bounce in store this is where it needs to happen. Otherwise, we could see it go down to $6.40 to $6.20 area. 😱🙏
The stock is now trading on recession fears. An earlier than expected rate cut could help with the sentiment.
SOFI : Weak Down TrendIn the chart we can see that NASDAQ:SOFI
Weak Down Trend
Pattern : Falling Wedge
1. A falling wedge pattern is used to identify possible trend reversals.
2. It is considered a bullish pattern.
3. It signals that the selling momentum is slowing down.
Sofi zoomed in supply and demandI use sofi for most of my option selling these days as I continue to build that cash flow account on Robinhood. These are daily supply and demand zones viewed on a four hour chart. You will notice the bottom side of demand has been touched with a lift. I tend to sell 7$ puts when Sofi is near or below 7$. I have leap options that I will sell against for covered calls if we move closer to 7.5$. I use supply and demand zones to help me with this.
sofi my weekly sofi chart shows a critical support being tested with measured move to the downside, possible falling wedge. #sofi NASDAQ:SOFI
Sofi demand zoneI have updated the Sofi demand zone as Sofi is my largest options selling cash flow machine. I typically sell 2 week cash secured puts at 7$ and then 7.5$ or 8$ covered calls. This has been working greatly, I am also averaging into 2026 Jan leaps to further sell CCs against. I do believe this stock is undervalued as well. The premiums tend to be very nice compared to many other stocks, and you do not need much capital to get started. I also added a daily supply zone which I do not normally do, I would love for the stock to keep ranging here so I can keep collecting premiums and reduce my basis.
$SOFI basing and positioned for break out NASDAQ:SOFI is now trading sideways within a channel as depicted on the daily chart shown here.
The yellow line shows a strong line of support that has been resistance in the past.
Overall im bullish but confirmation has not yet been set. This is a great stock to add to your watchlist. If there is a breakout the % return might be huge
Inverse head shoulders and gap downInverse head shoulders and a gap down all in the 2 hour chart. Right shoulder I imagine will form at 7.20 then gap down. However, if that's not the case, I can also see it going to 7.6 to form a double top also.
SOFI Long PositionHi traders,
Taking a closer look at SoFi Technologies, Inc. (SOFI), we can see that it has formed a falling wedge pattern over the past few weeks, signaling a potential bullish reversal.
SoFi Technologies is a leading fintech company that offers a suite of financial products, including student and personal loans, credit cards, investing, and banking services. The company has been expanding its product offerings and growing its customer base, positioning itself as a significant player in the financial technology space.
The falling wedge pattern is characterized by downward-sloping trendlines that converge as the price moves lower, forming a wedge shape. This pattern typically indicates a period of consolidation before a potential reversal to the upside. The convergence of the trendlines suggests a decrease in selling pressure, which often precedes a bullish breakout.
As the price approaches the apex of the falling wedge, traders should watch for a breakout above the upper trendline, which could confirm the bullish reversal.
Entering a long position upon confirmation of the breakout appears reasonable.
Take Profit: 9.11
Final Target: 10.89
$SOFI Can it breakout this time?NASDAQ:SOFI The combination of trendline and POC volume resistance was too strong to overcome. We can't afford another rejection from this trendline. Need a breakout. If it happens, the measured move is $9. 🙏🚀
We know CPI tomorrow will be bad. Normally the stock reacts badly to bad CPI.
SOFI could be the next top go...NASDAQ:SOFI looking to repeat the structure of frontloading an important pivot. At a large volume shelf that could potentially be a launch pad higher.
Such a similar structure - it will be fun to see if this breakout from here or fakes us out.
$SOFI Yearly Cycle Low (YCL) declineNASDAQ:SOFI is attacking the weekly anchor as it's declining down to ICL and maybe YCL.
I'm looking at the yearly inclining trendline break to mark YCL
June 17 2024 will be the first date of interest for ICL
SOFI BEARISH ON MULTIPLE TIMEFRAMESShorting SOFI here, Im in the SOFI 8P 6/21.
Lets see if thisplays out... looking for much more downside, good R/R
SoFi Soars with Second Consecutive Quarter of GAAP ProfitabilitySoFi Technologies Inc. (NASDAQ: NASDAQ:SOFI ) has impressed investors with its latest earnings report for the first quarter of 2024, marking its second consecutive quarter of GAAP profitability. The digital financial services platform reported robust figures, including a net income of $88 million and a net revenue of $645 million, representing a significant year-over-year increase. With notable gains in adjusted EBITDA and a substantial rise in net revenue, NASDAQ:SOFI continues to demonstrate its prowess in the digital financial services sector.
SoFi Technologies, ( NASDAQ:SOFI ) renowned for its comprehensive suite of digital financial services, has once again delivered stellar performance in the first quarter of 2024. The company's latest earnings report reveals a remarkable achievement: its second consecutive quarter of GAAP profitability. With a net income of $88 million, translating to 8 cents per share, NASDAQ:SOFI has exceeded expectations and showcased its strong financial health.
One of the key highlights of NASDAQ:SOFI 's Q1 earnings is the substantial growth in adjusted EBITDA, which soared from $75.7 million to $144.4 million year-over-year. This impressive uptick underscores the company's ability to drive operational efficiency and maximize profitability across its diverse range of financial products and services.
Moreover, NASDAQ:SOFI witnessed a notable surge in net revenue, climbing 37% year-over-year to reach $645 million. This robust revenue growth reflects the increasing adoption of SoFi's platform by members seeking a seamless and comprehensive solution for their financial needs. The company's ability to attract and retain customers is further evidenced by the addition of 622,000 net new members in Q1, bringing its total membership base to 8.1 million.
CEO Anthony Noto expressed his satisfaction with the quarterly performance, emphasizing the profitability of all three segments on a contribution basis. He highlighted the continued strong cross-buy trends observed among members, demonstrating the effectiveness of SoFi's integrated approach to lending and other financial services.
SoFi Technologies ( NASDAQ:SOFI ) remains poised for further growth and innovation in the digital financial services landscape. With its solid financial foundation, expanding member base, and commitment to delivering exceptional value to customers, NASDAQ:SOFI is well-positioned to capitalize on emerging opportunities and drive continued success in the future.
Technical Outlook
SoFi Technologies ( NASDAQ:SOFI ) stock is up 6% on Monday's Pre-market session as a result of the earnings report. The daily price chart shows a "Symmetrical Triangle pattern" which means a start of a bullish streak in the near or long term.
SOFI is probably going to make a dipThis is not financial advice
So uhh ya boy was playing the free money trend line on SOFI buying calls when it hits the trendline and selling when the move slowed for quick profits. Did this for the last two weeks going into earnings hoping to catch a thrust up cause SOFI tends to make large moves on or around earnings.
Then I spotted a bearish gartley forming and zoomed out.
Took profits for the last run and left runners cause I believe there will be a fakeout breakout of the wedge on earnings that will fill the gap above before making a nasty dump. SOFI likes to dump off bearish Gartleys and this dump could fill the gap below in the 5 dollar range. This is a great opportunity to load up on shares.
But it's not that simple cause there are some interesting things. Note i have a fib retracement from the SOFI low and the High of 11.72. Profit target one off the CD leg of the Gartley is right at the 50% retracement of that fib retracement. Profit target two is right at the golden pocket. If it finds any support at these levels we could see a large move up to the top of the larger wedge trend.
I don't care though since the runner is just a play on earnings. I am closing out and taking profits at market open regardless.
SOFIbreak below trendline is sell. Break above trendline is having gap resistance . All depends on earnings
Technical Analysis for SoFi Technologies, Inc.Our comprehensive analysis of SoFi Technologies reveals a compelling picture based on the confluence of various technical indicators and chart patterns. The stock, currently trading at $7.87, is at a critical juncture just ahead of its earnings report due in two days, which could serve as a significant catalyst for either an uptrend continuation or a trend reversal.
Fibonacci Retracement Analysis:
The price has recently retraced to the 0.618 Fibonacci level around $7.57, which acted as a springboard for a bullish rebound, indicating that buyers are finding value at this level. With the recent candlestick closing above the 0.786 retracement level at $7.73, we forecast potential resistance at the 1.618 Fibonacci extension level of $8.54.
Exponential Moving Average (EMA) Confluence:
The EMAs (20, 50, 100, 200) depict a golden cross in formation, a bullish signal where shorter-term moving averages cross above longer-term ones. This pattern, combined with the price holding above the clustered EMA values around $7.60 - $7.80, supports the bullish outlook.
Ichimoku Cloud Analysis:
The Ichimoku analysis is mildly bullish with the price action currently testing the cloud's upper boundary. A definitive break above the cloud would suggest a strong buy signal with a first target at $8.00, aligning with the Kijun-sen (base line).
Pivot Point Analysis:
According to the traditional pivot points, the price is challenging the monthly pivot (P) at $8.18. A successful breach could see the stock testing resistance levels R1 at $8.38 and R2 at $9.20. Supports S1 and S2 are found at $7.39 and $6.81, respectively, which could be considered as potential entry points on pullbacks.
Technical Indicators:
RSI: The Relative Strength Index (RSI) is at a neutral 59.49, suggesting there's still room for upside before the stock becomes overbought.
MACD: The Moving Average Convergence Divergence (MACD) indicates bullish momentum, as the MACD line is above the signal line and the histogram bars are growing in height.
OBV: The On-Balance Volume (OBV) shows a slight uptick, suggesting that buying volume is starting to outweigh selling pressure.
Volume and Performance Analysis:
The volume profile indicates robust participation at current levels, with an average volume of 88.63M. Performance metrics over various time frames (1w, 1m, 6m) show a mixed bag but the immediate trend seems to be picking up momentum.
Price Prediction and Speculation:
We are setting a speculative target price of $8.54, aligned with the 1.618 Fibonacci extension, which could be realized in the medium term, particularly if earnings surprise to the upside. Our analysis suggests a potential entry zone around the $7.57 to $7.39 range, which coincides with the Fibonacci retracement and pivot S1 level, respectively. As for profit-taking, traders might consider scaling out around the first resistance level at $8.38 and prepare for a full exit or reassessment at $9.20 (R2), depending on the strength of the momentum and the market's reception of the forthcoming earnings report.
Trade Consideration:
Buy: Consider initiating long positions if the price sustains above $7.57 or on dips near $7.39, with a stop-loss order placed just below $7.18 (S1 level).
Sell: Consider taking profits at resistance levels $8.38 (R1) and $9.20 (R2), or set a trailing stop to capture potential upside while protecting gains.
Caveat:
This analysis must be considered alongside market conditions and the upcoming earnings report. High volatility is expected, and traders are advised to use appropriate risk management strategies. Investors should also be aware of the company's negative basic EPS and no dividend yield, suggesting speculative plays rather than long-term investment at this stage.
As always, this technical outlook is subject to change with market conditions and should be used in conjunction with other fundamental analysis and news updates
