SOFI Technologies Options Ahead of EarningsAnalyzing the options chain and the chart patterns of SOFI Technologies prior to the earnings report this week,
I would consider purchasing the 7usd strike price Calls with
an expiration date of 2024-8-2,
for a premium of approximately $0.72.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
SOFI trade ideas
$SOFI - Can we do it this time?NASDAQ:SOFI A breakout above $9.10 (resistance #2) confirms the wedge breakout, with a measured move targeting $12. However, it needs to overcome the $8 to $8.20 hard resistance area first.
ER is on Tuesday. 🙏🚀
I had a wrong chart in my previous post. Here is the correct chart.
$SOFI - Can we consolidate here?NASDAQ:SOFI I closed my 9/20 calls for a 115% profit during the morning run-up.
The stock was rejected from the $8 resistance area and closed below the 200DMA and VWAP. It is currently supported by the POC area of the volume profile.
RSI exited overbought territory. As long as it holds above the POC and reclaims the 200DMA, it can consolidate here before making the next leg up.
Watch $7.25 area for a pivot.👀
$SOFI - Still have room to run NASDAQ:SOFI The past three bull runs saw Sofi's stock price increase by 91%, 129%, and 64%.
My target of $9 is less than a 50% increase for this bull run. If this bull run lasts for a 100% increase, the stock price could reach $12 to $12.50, which aligns with the measured move of the outer wedge's breakout.
Although the RSI has entered the overbought territory, the MACD just crossed the zero line, indicating it still has room to run.
Also, the fact that Sofi closed above the VWAP and 200DMA combined resistance is a big help with the momentum.
Shorts have not yet covered in force. In fact, some may have doubled down during this run-up, as shown by the bottom red bars in the chart. This suggests there is fuel to light the fire when a positive catalyst emerges. 🚀💰
SOFI: Bullish Wedge pattern indicating further upsideSOFI: Bullish Wedge pattern indicating further upside
Price broke out from a bullish wedge pattern and this is indicating further upside.
During the previous quarters SOFI reported very good data.
Earnings Report is on 30 July 2024 and as I see the market is moving ahead of the data in order to anticipate the good numbers.
We can see SOFI to reach 8.80 and 10.2 price areas easily.
All details on the chart.
Thank you and Good Luck!
Sofi presses momentumSOFI once again presses the momentum trend on the inflation news, a small rally into earnings. My 11.14$ price target for end of year remains but I would be happy to see higher of course. I currently only own 2026 LEAPs at 7$ strike which are very capital efficient. My plan is to sell calls against these if the stock can push 8$+.
-Will earnings impress?
SOFI: Not enough interested buyersI know there's a lot of investors out there that are hard for Sofi. I can appreciate that passion. Which is why I don't share this excitingly.
I can't see any reason from a fundamental story stand point why this stock will be performing well this second half of the year, as it continues to break down.
Banks don't demand a higher multiple. Unless there's serious growth that tells investors to look at it differently. One can argue that Sofia has a moat in its operating software utilizing AI. That said, literally any bank can do the same and are doing the same. Many have online platforms with virtual assistants and flexible loans and offerings. It can't be propped up by its trading platform, as Robinhood's dominance in the market draws from this thesis.
After a break from the current pattern, I believe we'll see 4.50. Would be a good buying opportunity for those going long.
No trade advise here. Best of luck!
Technicals to note :
Consistent lower Highs
Hidden Bearish Divergance - upward movement on the oscillator vs. current share price moving downward
🇺🇸❤️
SOFI - A potential setup for a swing tradeRemain vigilant for daily reversal candles occurring near the support area. In the event of a daily closing breach of the support levels (red lines), there is a possibility of further downward movement, emphasizing the importance of implementing risk management strategies.
Sofi breakdownSofi is breaking down pretty badly here below the long-term trend line. This has happened before, I call these washouts if they return to the trend line after brief deviations. The prior candle is a very clear rejection candle with a high wick and long body, this is a bad sign for momentum or bullishness. I continue to slowly add to 2026 LEAPs and to sell 6.5 cash secured puts. This could really break down much worse though, 5.65$ looks supportive.
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)