Stock Analysis – SoFi Technologies Inc. (NASDAQ: SOFI)
SoFi Technologies (SOFI) is showing a classic Wyckoff shakeout pattern, signaling that a strong upside move could be imminent. The stock has successfully defended its 200-day moving average, a major technical level, and is now displaying signs of renewed strength.
After flushing out weak holders during the recent shakeout, SOFI rebounded quickly – a textbook "spring" move in Wyckoff terms. This sharp recovery, accompanied by a rise in buying volume, suggests that smart money may be accumulating shares in anticipation of a breakout.
With current price action stabilizing above the 200-day MA and momentum starting to build, SOFI appears ready to break out of its consolidation zone. A decisive move above nearby resistance could trigger a strong rally, potentially catching many off guard.
Why SOFI Could Be Ready to Surge:
Clear Wyckoff shakeout + spring formation
200-day MA providing reliable support
Volume picking up on green days – accumulation signal
Breakout above resistance could ignite a sharp bullish move
Technical traders and investors watching the Wyckoff method will recognize the pattern unfolding: SOFI looks ready for a powerful upward move, and early positioning could offer a favorable risk-reward setup.
SoFi Technologies (SOFI) is showing a classic Wyckoff shakeout pattern, signaling that a strong upside move could be imminent. The stock has successfully defended its 200-day moving average, a major technical level, and is now displaying signs of renewed strength.
After flushing out weak holders during the recent shakeout, SOFI rebounded quickly – a textbook "spring" move in Wyckoff terms. This sharp recovery, accompanied by a rise in buying volume, suggests that smart money may be accumulating shares in anticipation of a breakout.
With current price action stabilizing above the 200-day MA and momentum starting to build, SOFI appears ready to break out of its consolidation zone. A decisive move above nearby resistance could trigger a strong rally, potentially catching many off guard.
Why SOFI Could Be Ready to Surge:
Clear Wyckoff shakeout + spring formation
200-day MA providing reliable support
Volume picking up on green days – accumulation signal
Breakout above resistance could ignite a sharp bullish move
Technical traders and investors watching the Wyckoff method will recognize the pattern unfolding: SOFI looks ready for a powerful upward move, and early positioning could offer a favorable risk-reward setup.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.