SOFI
Daily chart analysis
Between Jan.’21 thru Jan.’22, SOFI was in a Distribution stage.
The Downtrend place between Jan.’22 thru May.’22.
After bottoming out in May.’22, price entered a sideways market seeing price bounce around between 4.80 – 8.
In June '23, the price broke upward from a sideways range. Between the breakout and September '23, attempts to sustain upward momentum were unsuccessful. A Head and Shoulders pattern emerged, and the neckline was breached in late September '23. Consequently, the price retraced back into the initial sideways range, rendering the earlier breakout a false.
With the confirmation of a bearish reversal pattern, specifically the Head and Shoulders formation, and considering the preexisting downtrend, we anticipate a sustained downward movement in price. Additionally, the current price is situated within the resistance area of the previous sideways range, intensifying selling pressure
Entering trade short.
Entry: 7.96
Stoploss: 9.34, -17.34%
Target: 4.50, +43.47%, 2.51 RR ratio
Daily chart analysis
Between Jan.’21 thru Jan.’22, SOFI was in a Distribution stage.
The Downtrend place between Jan.’22 thru May.’22.
After bottoming out in May.’22, price entered a sideways market seeing price bounce around between 4.80 – 8.
In June '23, the price broke upward from a sideways range. Between the breakout and September '23, attempts to sustain upward momentum were unsuccessful. A Head and Shoulders pattern emerged, and the neckline was breached in late September '23. Consequently, the price retraced back into the initial sideways range, rendering the earlier breakout a false.
With the confirmation of a bearish reversal pattern, specifically the Head and Shoulders formation, and considering the preexisting downtrend, we anticipate a sustained downward movement in price. Additionally, the current price is situated within the resistance area of the previous sideways range, intensifying selling pressure
Entering trade short.
Entry: 7.96
Stoploss: 9.34, -17.34%
Target: 4.50, +43.47%, 2.51 RR ratio