A very strong day for SoFi stock price on Monday

The SoFi stock price gained 20.21% on the last trading day (Monday, 29th Jan 2024), rising from $7.62 to $9.16. During the last trading day the stock fluctuated 9.63% from a day low at $8.62 to a day high of $9.45. The price has fallen in 6 of the last 10 days but is still up by 16.1% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 213 million more shares were traded than the day before. In total, 284 million shares were bought and sold for approximately $2.61 billion.

On Jan 10, 2024, it was reported that Deutsche Bank gave SOFI a "Hold" grade with a "initialise" action.

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 15.58% during the next 3 months and, with a 90% probability hold a price between $8.76 and $12.51 at the end of this 3-month period.

Mostly positive signals in the chart today. The SoFi stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $7.88 and $8.64. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, January 18, 2024, and so far it has risen 23.62%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $8.17 and $7.89.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, SoFi finds support just below today's level at $8.17. If this is broken, then the next support from accumulated volume will be at $7.89 and $6.94.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.83 between high and low, or 9.63%. For the last week, the stock has had daily average volatility of 5.42%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for SoFi stock to perform well in the short-term.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.