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SoFi Technologies, Inc.

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SOFI trade ideas

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.
NASDAQ:SOFILong
by Diegolas_
2
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?
NASDAQ:SOFILong
by PortfolioBuildersClub
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.
NASDAQ:SOFILong
by AwesomeAvani
3
$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
NASDAQ:SOFILong
by ruben_rodrigues
2
$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.
NASDAQ:SOFI
by Penny_Stocks_Today
1
SOFI: Bullish Head and Shoulders at a Bullish Butterfly PCZSOFI is currently trading and forming a Bullish Head and Shoulders at a shared confluence zone between the log scale 1.618 and the linear scale 1.272 Fibonacci Extensions which in both cases would be the PCZ of a Bullish Butterfly; While it is possible that it could go deeper into the linear 1.414 Extension I do believe that the action we're seeing from the price right now at the current level warrants a Bullish Entry. SoFi having just over $0.5B Under Management is overall a much smaller bank than many of the banks we've seen come down and may come to as an advantage as they have less liabilities and yet they are gradually growing.
NASDAQ:SOFILong
by RizeSenpai