SoFi - Potential Bullish Reversal | Entry at $7.67

5 days agoSOFI - Potential Bullish Reversal 🚀 | Entry at $7.67

I entered SOFI at $7.67, and here's my analysis of the stock:
After a long period of volatility in 2021-2022, SoFi Technologies has been consolidating since mid-2023. Over the past few weeks, we’ve seen the early formation of an upward channel, signaling a possible bullish reversal in the near future 📈.

Key Points:
• Channel Formation: Price action is moving within a rising channel, making higher highs and higher lows. This is a strong indicator of upward momentum building.
• Moving Averages: Shorter-term MAs are starting to curl upward, approaching a potential crossover with the longer-term MAs. This could be a signal of a trend reversal.
• MACD: The MACD shows signs of bullish divergence, with the MACD line crossing above the signal line—pointing towards growing buying momentum.
• Support/Resistance:
o Key support around the mid-2023 consolidation level.
o Watching for resistance near the top of the rising channel and potential breakouts toward earlier highs from 2021-2022.

Next Steps: I'll be watching closely for a breakout above the channel’s upper boundary, which could signal further bullish momentum. For now, I'm holding and waiting to see if this potential reversal plays out.

What are your thoughts? Is SOFI ready for the next leg up? Let me know in the comments below!