SOFi in the past month as shown on the 4H chart has run up more than 80% and now appears
to be in a standard 50% Fibonacci retracement. Price has descended from two standard
deviations above the mean VWAP to a single deviation after a Doji reversal candle on
June 14th. The reversal was also marked by the RSI and the signal lines crossing at a
reading of 93 and then descending. The price volume trend indicator went from green
for increasing to a flat line and then red for decreasing. Overall, I believe that SOFI
has nearly completed a retracement. I will watch for RSI to rise above 20 and the PVT
to transition from red to green and the candles themselves for a bullish candle pattern
or formation in order to ascertain an optimal long entry. I will do this on a 5 or 15 minute
time frame chart to make the best assessment of that entry. My first target is $ 10.20
or just under the pivot high while the second target is $13.00 just under a support area a
year ago on the weekly chart. Fundamentally, I believe that the reactivation of student loan
repayments will have dramatic effects on SOFI's earnings.
to be in a standard 50% Fibonacci retracement. Price has descended from two standard
deviations above the mean VWAP to a single deviation after a Doji reversal candle on
June 14th. The reversal was also marked by the RSI and the signal lines crossing at a
reading of 93 and then descending. The price volume trend indicator went from green
for increasing to a flat line and then red for decreasing. Overall, I believe that SOFI
has nearly completed a retracement. I will watch for RSI to rise above 20 and the PVT
to transition from red to green and the candles themselves for a bullish candle pattern
or formation in order to ascertain an optimal long entry. I will do this on a 5 or 15 minute
time frame chart to make the best assessment of that entry. My first target is $ 10.20
or just under the pivot high while the second target is $13.00 just under a support area a
year ago on the weekly chart. Fundamentally, I believe that the reactivation of student loan
repayments will have dramatic effects on SOFI's earnings.
Operación activa:
Trade taken as SOFI pivoted this morning = trade is up 3% since then.