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Is SoFi Technologies, Inc. stock still a buy after falling -7.40% on Friday ?

StockInvest.us, 3 months ago


The SoFi Technologies, Inc. stock price fell by -7.40% on the last day (Friday, 21st Jan 2022) from $15.00 to $13.89. During the day the stock fluctuated 9.86% from a day low at $13.64 to a day high of $14.99. The price has fallen in 6 of the last 10 days, but is still up by 0.8% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -132 million shares and in total, 134 million shares were bought and sold for approximately $1.87 billion.

On Jan 18, 2022 "Mizuho" gave "$30.00 - $17.00" rating for SOFI. The price target was changed from $12.61 to 4.5%.

The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled.Given the current short-term trend, the stock is expected to fall -40.40% during the next 3 months and, with a 90% probability hold a price between $6.90 and $8.84 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

SoFi Technologies, Inc.

There are mixed signals in the stock today. The SoFi Technologies, Inc. stock holds a buy signal from the short-term moving average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term moving average at $14.72. On a fall, the stock will find some support from the short-term average at $13.54. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Thursday, January 20, 2022, and so far it has fallen -7.40%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

SoFi Technologies, Inc. finds support from accumulated volume at $13.78 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $1.35 between high and low, or 9.86%. For the last week, the stock has had a daily average volatility of 9.87%.

SoFi Technologies, Inc. holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Sell candidate.

Check full SoFi Technologies, Inc. forecast and analysis here.