SOFI ANALYSIS APRIL 3 2024This is my analysis for SOFI . I have clearly explained the price action and why I feel the need to wait for further price action.
NOTE: WAIT FOR FURTHER PRICE ACTION
SOFI trade ideas
SOFI LongWeekly SMA20 bollinger band, plan to Long above SMA20, in up band.
Long 8
Stop 6.5
Target 15
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk of each short term trade should be less than 1% of an account.
plan#1
BuyToOpen Sep Call spread C10/15 (C10 Delta 0.44 )
Limit 0.96 -0.30 = 0.66
SellToOpen Sep Put P6 (Delta -0.2)
Limit 0.6
Cost "0", if price stays between 6.5 and 10, no loss.
stop at 6.5, may loss $1 x 100. max loss 600 if price down to $0.
plan#2
BuyToOpen 2025 Jan Call spread C10/17 (C10 Delta 0.51 )
Limit 1.44=0.44 = 1
SellToOpen 2025 Jan Put P5 x2 (Delta -0.14)
Limit 0.5 x2
Cost "0", if price stays between 5 and 10, no loss.
Willing to buy SOFI stock at 5, max loss 5 x 200 if price down to $0.
SOFI PUTS (SELL) 2 HOUR TIME FRAMETriple Top Formation
Price has to feel the gap below!
I believe the price is going to reach that strong level of demand.
Expecting Price to reach $7.00 Let's see:)
$SOFI - Could be turning bullishNASDAQ:SOFI Sofi is facing resistance from the POC (Point of Control), but several technical indicators suggest a potential bullish trend. The MACD is about to do a bullish cross, indicating a possible upward momentum. Additionally, the RSI, Momentum, and Accumulation/Distribution indicators are turning upward.
If Sofi achieves a weekly close above $8, it could create the necessary momentum for further upward movement. 🚀
Targets:
$8.45
$9.50
$12.45
$14
Needs close above 7.50 for c wave buying Officially the Bank of the NBA .. I charted an Elliott Wave pattern. We have a C wave buy set up with a close above the previous 5th wave. This could be a resistances sell off. An insider did dispose of 56k shares. I see sofi ad a long term play. There is a chance this breaks out to the upside from c leg. But first needs a close above 5th leg and 6.60 support needs to rise. If no strong close above 7.50 look for 6.60
$SOFI Looking good at these levelsTook long enough but finally SOFI is at a nice around where you can manage your risk.
This is on the daily and the oscillators are saying we are on our way for higher.
SoFi's Surge: Unveiling 2023 and What Lies Ahead in 2024Technical Analysis Overview
Current Price : $10.34, a 3.77% increase.
Weekly Trend : Showing a positive trend with a 5.35% increase over the last five days.
1-Month Trend : A significant increase of 51.96%, indicating strong bullish sentiment.
6-Month and Yearly Trends : A 17.04% increase over the last six months and a 124.51% increase year to date, highlighting a robust bullish trend.
Advanced Technical Indicators
Relative Strength Index (RSI) : 70.41 - Indicating that SOFI is nearing overbought territory, which could lead to a potential reversal or consolidation in the short term.
Moving Average Convergence Divergence (MACD) : 0.63 - Suggesting bullish momentum, indicating a strong buying trend.
Other Indicators : STOCH (83.28), STOCHRSI (84.02), ADX (37.09), Williams %R (-8.57), CCI (104.63), ATR (0.46), Ultimate Oscillator (54.76), and ROC (24.66) all contribute to a picture of current bullish momentum but with potential for short-term volatility or pullback.
Market Sentiment and External Factors
Market Capitalization : $9.904B USD.
Trading Volume Analysis : A high trading volume of 35,199,288, suggesting active market participation and interest in the stock.
Recent News Coverage Impacting SOFI
Bullish Outlook for 2024 : Analysts predict SOFI stock could continue its rally in the new year, benefiting from expected interest-rate cuts. A notable analyst has set a high price target of $14 for SOFI stock, implying significant upside potential ( InvestorPlace ).
Focus on Non-Lending Businesses : Analysts appreciate SoFi's shift towards non-lending businesses, improving earnings quality despite a higher-for-longer interest-rate policy.
Central Bank Policy Changes : Potential interest rate cuts in 2024 could benefit SoFi's lending business, as lower rates tend to spur borrowing and lending activity.
Conclusion
SOFI's stock shows strong bullish signs in the medium to long term, but the current overbought condition warrants caution for short-term traders.
The recent news and analyst predictions provide a positive outlook for 2024, making SOFI an interesting stock for both traders and long-term investors.
SOFI: Bearish until channel is broken convincingly Sofi does banking differently and has great potential, but it is still a bank and banks are not a great investment right now. I don't see the price getting above the channel anytime soon. But that doesn't mean the stock is untradable. There are a couple of bearish scenarios at the moment.
1.Crash now: In this scenario price is on the intermediate C wave. In that case wave 3 should be in progress right now and price should be taking a nosedive. Breaking $6.4 will confirm the scenario.
2. Crash later: In this scenario price should complete Minor B wave triangle for intermediate wave B. In this case price should move sideways for a few more weeks before making a move higher to test the upper range of the channel. The channel might get broken as a fake out move before heading south.
Until we see another all time high on SOFI, bull case is an alternative scenario for the moment.
SOFI still bearish. Turtle: Weekly Slow Turtle Sell signal has triggered.
Closing below previous month low and breaks trendline support and 850 support.
So far no weekly buy signal from SOFI yet
MCDX : Retailer showing stronger momentum
Banker Moving Average is curving downward
Retailer Moving Average is curing upward
FiFT : -ve turtnover. Bear is in control.
No buy signal at the moment. Need to wait for long term play.
Short term trade can look for reversal candle at 640 or next support zone at 480-500
SOFI flat to slightly negative YTD LONGSOFIR showed here on the 30 -minue chart has had great volatility in going no where since
the start of the year. Volatility can be harnessed for profit. This is the essence of swing
trading. With an intermediate term anchored VWAP band and line setup, it can be readily
seen that price first was resisted by the second lower band line in purple then broke out
through the band lines to meet resistance at the second upper band line ( again in purple)
and broke down through the band lines to get support at the first lower band and then
reversed and returned to the second upper band where it was rejected and fell into the
support of the second lower band from which it is now bouncing. This is a VWAP band
oscillation pattern which can be traded. I will take a long trade of SOFI here, first
targeting the mean VWAP at 8.05 and then 8.6 below the first band and finally 9.05
below the second upper band. Partial closures at 25%, 50% and 25% respectively.
I see this as a way to exploit SOFI volatity in swing trade profits which can also setup as
short trades.
SOFI, 1/31-2/27, profit 10%On 1/29/2024, SoFi (SOFI) reported earnings of $0.02 per share on revenue of $615.40 million for the fourth quarter ended December 2023. The consensus estimate was for breakeven results on revenue of $574.33 million.
$SOFI - Still intactNASDAQ:SOFI The terms of the notes are favorable to sofi. I MOVED the lower trendline of the triangle because we saw a bounce near $7 area today. Everything is still intact as long as it can bounce back above $8.
$8 to $8.50 area is going to be a tough resistance.
The price targets from Feb 6 remained unchanged. Let's get to $14! 😉🚀💰
$SOFI - Ouch!NASDAQ:SOFI Ouch! The convertible note offering, together with a 21.7 million share dilution to retire some of the 2026 notes, broke the triangle setup. Note that EPS is not impacted by the 21.7 million share dilution, as it is calculated based on fully diluted shares, which already account for the 2026 notes.
There could be further impact on the share price once we see the terms of the convertible notes and analysts' reaction to this news.
Unlike previous sell-offs, this one has a material impact. Until I know more about the deal, I will not be adding to the position.
In terms of technicals, if $7 fails to hold, there is a possibility that the price could see a quick trip down to the $6.45 to $6 area due to the volume gap.
Strong Rejection for SOFI, Key $5.50 Buy Target to MonitorThere has been a lot of recent hype surrounding SOFI, but I have been patiently waiting for a buy opportunity at the yellow support line. This week NASDAQ:SOFI had a strong rejection at the white resistance zone between $8.41 and $8.95. My key buy target has always been this yellow trendline, I think it will take some patience to get there though. The estimated price target is around $5.50.
$SOFI heading higher? $15 target?I think we're in meme stock phase of the cycle where things start pumping that make absolutely no sense at all -- Sofi is one of those stocks.
Again, wouldn't hold this thing, but it looks great for a trade.
Above the trendline and we should see a decent move to the $15 level and potentially to the $18 level if the first resistance breaks.
Let's see what happens.
SOFI getting hammered Man I know there was a lot of positive sentiment around this name for 2024
but when the SPY goes down 1% this thing is down 10 plus percent on the day
not looking good for the SOFI moonboys out there.
this thing could still lose another 10% easy from here before even attempting a rebound
looks weak to me
$SOFI - Long rate cut catalyst NASDAQ:SOFI
NASDAQ:SOFI monthly bull flag over 6 month consolidation, going into rate cuts this stock should do very well. recent earnings also amazing. over $9.50 things all stops should be raised up.
$Sofi might be ready for a take off soonI think if we have a catalyst or volume this should go up soon.
SOFI Elliot Wave 3?Greetings. My idea is that after earnings we have entered Wave 3’s iii, which should be the strongest wave up. We finished wave 3’s wave ii at the 0.786 around $7.20. If all goes well I’m hoping for a target at the 1.618 which would be around $18.30. Timeframe is uncertain of course with EWT. GLTA
SOFI approaching ultimate fib buy zoneplaced the fib on on pivot and run up. $7.30 ish area is a great buy zone per the fib tool. I'll give it a whirl. fintech is on one this year and i like it.
SOFI momentumSOFI is once again above the golden fib. Earnings season was substantial but the bears took the reigns shortly after. This highly shorted stock squeezes on occasion, especially as funds continue to add to existing large positions. I think we see another test of this megaphone that the stock has been stuck in for months.
-Short term 9.7ish and some retests would be best case scenario
-I took profits today on June 10$ calls and am keeping the rest until we get closer to summer
-I am keeping all of my spot but havent added in a while
$SOFI is expected to reach a value of $9.45 in the near future.The Double Bottom indicates a bullish reversal and bears resemblance to the W pattern. This chart pattern is formed after a downtrend, where two lows are observed below the resistance level, commonly known as the neckline.
Let's see whether Cathie Wood has made accurate predictions.
Price 1 Standard Deviation Resistance 8.64
Price 2 Standard Deviations Resistance 8.86
Price 3 Standard Deviations Resistance 9.03
1-Month High 9.45
