SoFi stock price down 0.52% on Tuesday
(Updated on Aug 16, 2022)
Buy or Hold candidate since 2022-07-29 Gain 20.13% PDF
The SoFi stock price fell by -0.52% on the last day (Tuesday, 16th Aug 2022) from $7.62 to $7.58. and has now fallen 3 days in a row. During the last trading day the stock fluctuated 8.61% from a day low at $7.19 to a day high of $7.81. The price has fallen in 5 of the last 10 days, but is still up by 18.25% over the past 2 weeks. Volume has increased on the last day by 19 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 57 million shares were bought and sold for approximately $429.86 million.
The stock lies in the middle of a very wide and weak 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 5.14% during the next 3 months and, with a 90% probability hold a price between $5.76 and $8.71 at the end of this 3-month period.
Signals & Forecast
The SoFi stock holds a sell signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $7.64. On a fall, the stock will find some support from the long-term average at approximately $6.63. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, August 04, 2022, and so far it has fallen -7.90%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss
On the downside, the stock finds support just below today's level from accumulated volume at $7.05 and $6.13. There is 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 $7.05. If this is broken, then the next support from accumulated volume will be at $6.13 and $5.94.
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 $0.62 between high and low, or 8.61%. For the last week, the stock has had a daily average volatility of 6.93%.
Our recommended stop-loss: $7.23 (-4.62%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations For The Upcoming Trading Day Of Wednesday 17th
For the upcoming trading day on Wednesday 17th we expect SoFi Technologies, Inc. to open at $7.53, and during day (based on 14 day Average True Range), to move between $7.06 and $8.10, which gives a possible trading interval of +/-$0.52 (+/-6.85%) up or down from last closing price. If SoFi Technologies, Inc. takes out the full calculated possible swing range there will be an estimated 13.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $7.75 (2.24%) than the support at $7.05 (6.99%), our systems don't find the trading risk/reward intra-day attractive and any bets should be hold until the stock is closer to the support level.
Is SoFi Technologies, Inc. stock A Buy?
SoFi holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.226Hold/Accumulate Unchanged
Predicted Opening Price for SoFi Technologies, Inc. of Wednesday, August 17, 2022
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price August 17, 2022||Current price|
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About SoFi Technologies, Inc.
SoFi Technologies, Inc. provides digital financial services. It operates through three segments: Lending, Technology Platform, and Financial Services. The company's lending and financial services and products allows its members to borrow, save, spend, invest, and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans. The company also provides cash management, investment, ... Read more
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featured in The Global Fintech Index 2020 as the top Fintech company of the country.