Stock quotes in this article: SOFI
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.
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.
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