SOFI Technologies (SOFI) - Cup and Handle Pattern on the 1-Hour Chart!
We’re spotting a textbook cup and handle pattern forming on the 1-hour chart for SOFI, signaling a potential bullish breakout. Here’s the breakdown:
Cup Formation: The stock has formed a rounded bottom, completing the "cup" part of the pattern, with the key resistance (neckline) at $8.20 on the 1-hour timeframe.
Handle Formation: A pullback from $8.50 to the $8.00–$8.18 zone has formed the "handle," where the price is consolidating before a possible breakout.
Key Levels:
Neckline (Resistance): $8.20 – This is the critical level to watch on the 1-hour chart. A breakout above $8.20 with strong volume will confirm the pattern and signal upward momentum.
Target: If the stock breaks above the neckline, the next target could be $10.00, calculated from the depth of the cup.
Strategy:
I’ve left my previous position open from $7.67, expecting further upside if the pattern plays out.
I’m also setting my stop-loss just below the neckline, around $8.10, to protect against a false breakout while giving room for the handle to fully form.
Volume Confirmation: Look for increased volume as the price pushes past $8.20 to confirm the breakout and validate the cup and handle pattern.
Keep an eye on this setup on the 1-hour chart, as a breakout could trigger significant upside!
We’re spotting a textbook cup and handle pattern forming on the 1-hour chart for SOFI, signaling a potential bullish breakout. Here’s the breakdown:
Cup Formation: The stock has formed a rounded bottom, completing the "cup" part of the pattern, with the key resistance (neckline) at $8.20 on the 1-hour timeframe.
Handle Formation: A pullback from $8.50 to the $8.00–$8.18 zone has formed the "handle," where the price is consolidating before a possible breakout.
Key Levels:
Neckline (Resistance): $8.20 – This is the critical level to watch on the 1-hour chart. A breakout above $8.20 with strong volume will confirm the pattern and signal upward momentum.
Target: If the stock breaks above the neckline, the next target could be $10.00, calculated from the depth of the cup.
Strategy:
I’ve left my previous position open from $7.67, expecting further upside if the pattern plays out.
I’m also setting my stop-loss just below the neckline, around $8.10, to protect against a false breakout while giving room for the handle to fully form.
Volume Confirmation: Look for increased volume as the price pushes past $8.20 to confirm the breakout and validate the cup and handle pattern.
Keep an eye on this setup on the 1-hour chart, as a breakout could trigger significant upside!
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.
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.