Has SoFi Technologies Touched Support to Check the Box Before the Next Leg Up?

SoFi Technologies (SOFI) has been on a run since its May 15^th low of $4.45.

On May 30^th SOFI started respecting its 25-day EMA (body) and 31-day EMA (wick) support lines. Since then, the stock visited the support line once in June and 3 times in July (excluding last week).

After painting a double top slightly above $10 on July 19^th, SOFI decided to take a breather. The aforementioned best respected support lines were the leading candidates to mark the area of a potential higher low regroup:

Market participants who had been looking to long the stock could have waited with a buy order at the support lines area.

Soon enough SOFI revisited the 25-day EMA support line. The stock came in to trade one cent above the support line before buyers stepped in:

SOFI closed the week with a bounce off the 25-day EMA:

SoFi Technologies is scheduled to report its 2Q23 earnings tomorrow morning, before the market opens. Could it be that it consolidated and touched the support line to “check the box” and create a higher low on its way up above the double top?

We’ll know tomorrow.

>> Our social media followers were able to view the aforementioned charts as they were created.