High volatility in SoFi stock price on Monday which ended trading at $11.45

The SoFi stock price gained 19.90% on the last trading day (Monday, 31st Jul 2023), rising from $9.55 to $11.45. During the last trading day the stock fluctuated 13.59% from a day low at $10.30 to a day high of $11.70. The price has risen in 6 of the last 10 days and is up by 20.78% 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, 153 million more shares were traded than the day before. In total, 210 million shares were bought and sold for approximately $2.40 billion.

Morgan Stanley is very positive about SOFI. The price target was set to 6.5 (Feb 08, 2023).

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 81.79% during the next 3 months and, with a 90% probability hold a price between $17.29 and $22.96 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. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $9.69 and $9.03. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, July 07, 2023, and so far it has risen 42.24%. 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 $9.74 and $9.55.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 $9.74. If this is broken, then the next support from accumulated volume will be at $9.55 and $9.16.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.40 between high and low, or 13.59%. For the last week, the stock has had daily average volatility of 7.17%.

SoFi holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.