Bearish Alert : SOFIThe bullish wave with a full combo returned a +80%.
Right now at an all time high a nice pullback already sees a bearish alert.
Possible change of direction or easy pullback.
SOFI trade ideas
My Macro View - SoFi $SOFILooking to see something like this play out for NASDAQ:SOFI to complete a 5 wave structure.
$SOFI - Whats next. NASDAQ:SOFI update. Friday's pull back was exacerbated by triple witching opex. The good news is RSI left oversold territory on the daily. The bad news is weekly printed the shooting star! It could pull back to $8 -$7.93 area and is critical that, it holds for the bulls. 13 analysts cover SOFI.
MOST OF THEM are COMPETITORS of sofi. So expect more of them to come out with downgrades. 🙏🚀💰
Sofi downgrades are undeserved. Pullback was due. Looking at a year chart on a daily time-frame we can see that SOFI had an epic rise. Partially due to short's covering their position, as well as some very large insider buying. Now that short covering has ended, and after a massive rally, SOFI has been due for a pullback. the value area outlined in the rectangle shows the expected pullback range/buy zone. SOFI became a profitable company despite their uphill battle against student loan pauses. Now that student loans are due to resume in august, I believe we will see a healthy rise back into the 10's or 11's by the time quarter 3 results hit. They already have a profitable business in place, and now that their original business purpose (student loans) is resuming in August, I believe we will see significant earnings repots/stock appreciation through 3rd and 4th quarter of 2023.
SOFI: Sell ideaSell idea on SOFI after the breakout with force the vwap and the support line.Thanks!
Short SofiNot sure what this company does. Candle pattern may form into something great, preempting that. RSI crazy, 50% allocation for this trade. Tight stops.
SOFI: Sell ideaSell idea on SOFI as you see on the chart because we have the breakout with force the support line.Thanks!
$SOFI - We have to consolidate somewhereNASDAQ:SOFI We all knew it has to consolidate somewhere. My preference is above $9.70 consolidation.
If you look at volume profile ,you can see we put in a huge base $8 and below.
Current price area has low volume resistance meaning the price is easier to move either direction.
Why did we stop at $10.23?
Look at volume profile bar, its higher than the previous bar that the price punched through. Once the price gets above $10.23, it could launch to $12 - $14 area.🙏💥🚀
SOFI Great run for this beast but we have hit critical reistance. It’s time to start taking profits. I see this as a key reistance a solid 50% pull back should come on over next few weeks. Don’t think we go above 11.10
SOFI Pullback After nearly doubling in a month the RSI is well in to overbought territory and the most recent candle created an oversized upper wick which indicates bears tool control.
Looking for a move down on lower daily volume. Targeting the $6.70 level for a buying opportunity.
1st target $6.60
2nd target $9.53
SoFi Technologies Inverse Head and Shoulders Breakout ~$12 PTThe Inverse Head and Shoulders pattern is a classic technical analysis pattern that signals a reversal in trend from bearish to bullish. It is the exact opposite of the Head and Shoulders pattern which indicates a bearish trend reversal.
Here's a detailed description of the Inverse Head and Shoulders pattern with key indicators:
1. Formation : This pattern is characterized by three consecutive troughs with the middle trough being the deepest (the "head") and the two outside troughs (the "shoulders") being shallower. Ideally, the two shoulders should be roughly the same distance from the head and there should be a noticeable downward trend in progress.
2. Neckline : The pattern is framed by a "neckline" drawn by connecting the high points of the two troughs. The neckline serves as the level of resistance that price must break through for the pattern to be considered complete.
3. Volume : Volume plays a crucial role in identifying this pattern. During the formation of the pattern, volume tends to be higher during the descent into the left shoulder, lower during the formation of the head, and increase again during the rise of the right shoulder. A noticeable increase in volume on the break above the neckline confirms the pattern.
4. Relative Strength Index (RSI) : The RSI is often used to confirm the pattern. The RSI, which ranges from 0 to 100, is a momentum oscillator that measures the speed and change of price movements. During the formation of the pattern, the RSI might become oversold (below 30) as the head forms and then start to rise as the right shoulder develops. A break above the neckline often coincides with the RSI climbing above 50, which is a bullish signal.
5. Duration : The formation of an Inverse Head and Shoulders pattern can take several weeks to several months. The longer the pattern takes to develop, the more significant the potential price reversal.
6. Conclusion and Breakout : The pattern is confirmed when the price breaks above the neckline, preferably on higher volume. After the breakout, the price may retest the neckline (now acting as a support level), before continuing its upward move. This is referred to as a "throwback".
7. Price Target : The projected price target is found by measuring the distance from the neckline to the bottom of the head. This distance is then projected upwards from the breakout point at the neckline to provide a price target.
The Inverse Head and Shoulders pattern, while a powerful tool, is not foolproof. It should be used in conjunction with other technical indicators to validate and confirm signals, reducing the risk of false positives. Additionally, market fundamentals should not be overlooked while considering potential trades based on this pattern.
SOFI - Can it break through the next Resistance Level?SoFi is up about 50% since mid May. Can it make it to the 100% gain level around $10? Well Sofi has to breakthrough this key zone first. SoFi is trading above the 200 day EMA ' blue watermark'. Even though price is above the 50 day moving average, the 50 day moving average is below the 200 Day EMA 'blue watermark'. Therefore, there may be a pullback before price attempts to break out again. In order to get back to all-time highs SoFi will have to increase in price by 400% from the discount level. Do you think it is time for SoFi to takeoff?
SOFI in consolidation so can it continue bullishSOFI on the 2H chart is showing a massive bullish move of 30% in ten days. Most of the trading
volume was near to the present price and indicated by the POC line on the volume profile.
Price has not moved since most of the trades as there is now a consolidation phase more or less
in the style of the high tight bull flag pattern. The three pat indicator of RSI, momentum and
money flow index is red for momentum which went over 60 and then 80 and otherwise green.
Overall, the indicator is a bullish bias. The volume indicator interestingly shows most of the
the massive increase in volume is at the consolidation phase. This makes sense to me because in
a nearly parabolic up move without a pullback it is hard to find a decent entry. Many traders
including those based in large institutions will simply wait until a consolidation phase begins.
The price is in the upper VWAP bands showing buyer has successfully pushed against the
well-entrenched short sellers. The rise in price could force short sellers to buy to cover and
close. In doing so they would actually help entrench bullish momentum. I believe I will join
others in a long trade awaiting the next leg up. My stop loss is the mean VWAP +1 std dev while
the target will be mean VWAP +3 std dev. Fundamentally, I believe that the financial sector
including the fintech subsector are getting hot as technology is overextended.
$SOFI - Stage analysis on sofiNASDAQ:SOFI Stan Weinstein's stage analysis on #SOFI. We are currently at STAGE 1 - BOTTOM. Next stage - STAGE 2 - UPTREND has not even started yet. The uptrend will only start once we get above $8. So we have a long way to go. 💥🚀💰
Follow me for more chart like these.
$SOFI - Text Book Ranging Market - Look Out for BreakoutsText book ranging market with signs of accumulation.
This market had been in a downtrend since the end of 2021. As of May to 2022, the lower low swings became less and less steep, with 2 RSI bullish divergences popping up to prove it.
In Jan 2023, the bulls showed out their hand with a 25% plus week in 2x the average weekly volume. After testing the previous resistance area, the price has retraced to the new supply area. And upon retouching this area it exploded again yesterday. Now piercing through the key 50 EMA.
The price is still trading within the outlined range, with ostensible signs of accumulation. Time for trendfollowers and momentum traders to be on the lookout for a break of structure and transition into an uptrending market.
Cheers,
Tenacious Tribe - Backtested, Quantified Trading Strategies
$SOFI - breaking out of descending wedgeNASDAQ:SOFI hit $6 target today. Starting to break out of the descending wedge. Still expecting previously mentioned targets - $6, $6.50, $7.50, $8.0. Down side risk is now $5.50 - $5.
$SOFI Best Fintech Stock To Invest In?After House Speaker Kevin McCarthy described the student loan payment pause as “gone” due to the debt ceiling deal, SoFi Technologies, Inc. (NASDAQ: SOFI) seems to be a huge beneficiary of the deal. Since one of SOFI’s core business models is student debt refinancing and it is back on the table, SOFI can now operate at full capacity again after the collapse of student loan originations a few years ago. Now that student loan payments are set to resume soon, SOFI stock could be one to watch closely as the company might reach profitability in Q3 ahead of its expectations of profitability in Q4.
SOFI Fundamentals
Ending months of stalemate, President Biden and House Speaker Kevin McCarthy have reached a tentative deal to suspend the federal government’s $31.4 trillion debt ceiling, ending the state of uncertainty that the U.S. has operated in for the last few months. The new deal means that the banking sector, which SOFI belongs to, can take a break as the U.S. reaches macroeconomic stability. Furthermore, the deal will also see the student loan payments pause gone within 60 days of the deal being signed.
Following the student loan payments resumption, one of SOFI’s main revenue sources from student debt refinancing is back on the table. In 2021, student loans accounted for almost 60% of loans held for sale for SOFI, but as of Q1 2023, student loans accounted for just 32%, while personal loans accounted for nearly 67% of loans held for sale and have seen a 46% increase in originations. Student loan growth stagnation can all be attributed to the pause in student loan payments in 2020.
With the resumption of student loan payments, SOFI can expect to run at full capacity again as the student loan refinance market normalizes. This also suggests that SOFI can expect to reach profitability in Q3 2023 sooner than the forecasted Q4 2023 as Q3 would witness elevated demand for student loan originations.
If the company becomes profitable in Q3, SOFI stock may see a huge jump in its stock price in a similar fashion to Palantir Technologies Inc. (NYSE: PLTR) when it achieved profitability for the first time in Q4 2022. Since then, PLTR stock has climbed by 96% and the same can happen to SOFI stock. If SOFI stock went on a similar run, it could break the $10 mark, which it has not reached for more than a year.
Technical Analysis
SOFI stock’s trend is neutral with the stock trading in a sideways channel between $5.1 and $5.51. Looking at the indicators, the stock is trading above the 200, 50, and 21 MAs which are bullish indications. Meanwhile, the RSI is overbought at 75 and the MACD is bullish.
As for the fundamentals, SOFI stock just witnessed a catalyst in the new debt ceiling deal that would see student loan payments resume within 60 days of being signed into law. As SOFI could now reach profitability in Q3, the current PPS could prove to be a good entry in SOFI stock ahead of its Q3 earnings.
SOFI Forecast
SOFI seems to be in a good spot as it has increased its personal loan originations as its student loan business was almost put on hold, and now with the student loan payments back on the table, SOFI can achieve profitability earlier than expected. In the event that SOFI achieves profitability in Q3, SOFI stock can make a similar run to PLTR and see it break the $10 mark.
$SOFI - iH&S? Rocket Ready?Looks like an inverse head and shoulders to me, ending around the time of the debt ceiling ordeal? If student loan forgiveness is eliminated, Sofi will benefit greatly.
SOFIMID-TERM: Wedge, double bottom, classic bullish divergence, bottom of range. (not financial advice)
$SOFIReady for a breakout upside to $6-7 in the next 2 months.
For a less risky strategy the wedge is yet to be broken and to confirm long.
This is a high risk play given the macro environment, debt ceiling, banking concerns.
SOFI long entry setup it seems almost bottom in my version of analysis
stop and target is marked on the chart..
good luck to u .
$SOFI Finds Support - Long/Call Blasted off after earnings and then got hammered down quickly. Now it's found some support and we should see a nice bounce here. May take some time to fill the gaps, but this company has solid fundamentals.
