Falling wedge on 15min chartCool down today after yesterday’s huge bull run. Consolidation is following a falling wedge pattern if bullish sentiment continues. Otherwise, we are looking to go flat into a descending triangle, and enough bearish flow will turn this into a rejection down to 19.40. Fundamentals are very bullish and we are close to a breakout on the daily triangle, I am leaning bullish. However this is not financial advice :)
SOFI trade ideas
Closing (IRA): SOFI November 19th 17.5 Covered Calls... for a 16.92/contract debit.
Comments: There's still about .50 of extrinsic in the short calls here, but earnings are in 22 days, and I'm taking the money and running here. My cost basis in the shares covered by the short calls is 14.74 (See Post Below), so closing out here results in a realized gain of 16.92 - 14.76 = 2.16 ($216)/contract. This is about "neatening up" and/or simplifying my portfolio a bit more than anything else.
Wedge Breakout Setup for SOFISofi was on track to break ATHs but ran into some trouble at earnings (overreaction). The fundamentals are still solid and the bottom of the wedge is holding support. Last couple days the CEO bought $100K worth of Sofi ,institutional ownership has gone up, and last lockup period has expired this week.
Sofi is set up nicely to breakout and get back on track to hit it's 2021 PT of $30.
SOFI - ready to break the triangle? Fundamentals are strong on this stock. Most people don't understand their business. I invite you to look up Chamath's presentation when the SPAC merger was announced to know why this is a "winner takes most" play in the Financial Services sector. Good luck!
Things to note on the short term:
- RSI overheated
- Great volume candles
- Needs follow-through - there may be yet a chance to buy the dip!
SofiI called for a short on last night video. We have popped this rising channel. We still have a last level to reject before striaght BUlL mode plays out. 21$-21.20$ level is the long term resiatnce. If we break and hold support above it willrip. If we contiue holdinf this bearish divergents it could fall to key 18-16$ ranges. Trade safe. Play confirmations. Hold 19.92 as support that could be support of rising channel. Big big moment here
I’m still in my short. Down 40$ on it as of now. Have till November 26th
SOFI boxes strategy in action! feat. volume profileHi everyone!
Today we are analyzing NASDAQ:SOFI price movement.
As always, I am using my boxes strategy based on supply and demand.
BUT
In addition, I used volume profile for detailed context here.
A few words on volume profile:
It puts trade volume on vertical axes. So instead of volume per point in time metric, we observe volume per point in price . This way we can see at which price point the highest amount of volume had occured.
Let's implement it on our NASDAQ:SOFI chart.
Since February 2021 the highest volume has occured in 15.1 - 15.8 price range.
Red horizontal line at 15.45 is called Point of Control (POC). It is a highest volume node that has seen the most volume. Thus, that is a significant level of support/resistence.
Believe it or not, but I drew trendlines, boxes and indicated levels first. Only then I added Volume Profile starting from February, and its POC at 15.5 matched one of my box levels.
What does it tell us?
Two indicators confirm that 15.5 is a significant level.
We are at 19.3 now in a downward long-term trend near its top.
Plan:
Look for a return to 15.5 zone in order to start a position.
Probably better to open a position earlier at 16 to front-run algos.
If decent volume at 18 level occurs and it holds, start a position there.
Please let me know if this was helpful and if you want to see more analysis with volume profile.
Trade wisely and good luck!
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Disclaimer!!!
This is not financial advise.
SOFI daily ChartSofi has been following the pitchfork and fib retracement well and has ended today in a hammer. If this trend continues, watch the intersection of the .65/.618 fibs and the next pitchfork resistance as PT.
Bank charter information is expected to come out end of this month and the next earnings call is not far away either.
SOFI finally getting some loveSOFI is an absolute beast that has been undervalued for too long. Analysts coming out with price targets now are a joke. Where were you when this was at $14? Anyway, technicals are looking strong, broke through resistance, massive bullish candles, great volume.$19.78 is the next level to watch. It's lights out if we break above $20.50.
just be patient with Sofi it's a new companyso sofi is a new company but a good company im bullish long term and will buy every dip i imagine well see one more dip down on the chart to retest and then it's gone for some highs around christmas. every stock in the market does not have to be bad even if the economy is doing shitty! remember as far as the economy goes were still just back to July 2021 and could be a bull run ahead. red zone is the buy area and yellow is the same resistance were seeing the sellers come in around $17.10-$17.32 and i advise taking profits than as well and waiting for the break out confirmation.
Rolling (IRA): SOFI October 15th 20 to November 17.5 Short Calls... for a 1.02/contract credit.
Comments: With only .13 left in the 20's, rolling the short call aspect of my covered calls down to the November 17.5's for a 1.02/contract credit, with a resulting cost basis of 15.76 (See Post Below) - 1.02 or 14.74/share and a max profit potential of the short call strikes (17.5) minus 14.74 or ($276) per contract.