SoFi Soars on Earnings: What’s Next for the Stock?
Posted onAuthorMelissa A. HarbisonComments Off on SoFi Soars on Earnings: What’s Next for the Stock?
By
BRUCE KAMIC
Stock quotes in this article: SOFI
Fintech SoFi Technologies (SOFI) surprised Wall Street analysts with strong revenue growth and higher forecasts on Wednesday. The stock has reacted and a fresh look at the graphics is needed for this participation in TheStreet’s Stocks Under $10 wallet.
In SOFI’s daily bar chart below, we can see that stocks were trading sideways for the past three months before Wednesday’s bull run. SOFI is trading above the rising 50-day moving average. The 200-day line is still down in the longer term and crosses around $11.50.
The On-Balance-Volume (OBV) line shows improvement since early May and the return of aggressive buying. The Moving Average Convergence Divergence Oscillator (MACD) is now slightly above the zero line in a bullish mode.
In SOFI’s weekly Japanese candlestick chart below, we can see some positive clues. A larger lower shadow in early May helps define the lower price action.
The weekly OBV line is up from its nadir in late April. The MACD oscillator moved higher for a cover short buy signal.
In this daily point and number chart from SOFI, below, we can see that prices have reached a downside price target of $5.
In this weekly Point and Figure chart from SOFI, below, a price target of $4 is indicated.
Basic strategy: SOFI will attract attention with their huge percentage lead today. Would expect more carryover buys, but would like to see more side base building.
Receive an email alert each time I write an article for Real Money. Click “+Follow” next to my signature for this article.
Real Money’s message boards are strictly for the open exchange of investment ideas between registered users. Any discussions or topics outside of this topic or that do not further this goal will be removed at the discretion of the site moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your collaboration. If you have questions please contact us here.
Email sent
Thank you, your email at has been sent successfully.
Oops!
We are sorry. There was a problem trying to send your email to . please contact customer service to let us know.
Please register or login to email our authors.
Email the Wall Street pros of Real Money for further analysis and insight
News Home Wednesday, May 11, 2022 10:53 a.m. | InvestorsObservers Analysts View Inc (VIEW) stock has fallen 66.06% over the past week to a bearish rating of InvestorsObserver Feelings indicator. View Inc has a bearish sentiment reading. Find out what this means to you and get the rest of the rankings on VIEW! What is […]
Domestic markets are expected to open on a flat note with a positive bias. SGX Nifty at 17,720 signals a flat open, while Nifty futures closed Friday at 17,713. Asia-Pacific markets are also swinging between gains and losses in Monday’s early trade. Analysts expect the market to remain in the tight range ahead of the […]
recent news Stocks post modest gains as Fed signals bigger rate hike Symbol Price To change %To change Me: DJI $31,037.68 +69.86 +0.23% SP500 $3,845.08 +13.69 +0.36% I: COMP $11,361.85 +39.61 +0.35% U.S. stocks posted modest gains as investors likely benefited from another big Federal Reserve rate hike at the July meeting, according to minutes […]
