SOFI Technologies (SOFI) - Cup and Handle Pattern on the 1-Hour 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!
