[ Jump to the 2023-08-20 update ]
It’s been only a couple of weeks since we published our first post on SoFi Technologies, and these weeks were packed with price action for both sides…
In the morning following our post, SOFI reported earnings. The stock flew high and ended the day up 19.9%. SOFI did that after touching the best respected moving average support line – the 25-day EMA:
Market participants spent the remainder of the week to sell the stock. SOFI, however, ended the week above the 25-day EMA support line:
Buyers still held SOFI’s head above the water the following Monday. Although during the daily session the price visited the 31-day EMA (wick) support line, it eventually closed exactly at the 25-day EMA (body) support line:
But that was the last straw.
SOFI’s price broke below both support lines and kept its downtrend for the rest of the week:
A view on the weekly chart shows SOFI ended the week 10 cents below its best respected moving average support line, the 8-week EMA:
Is SOFI’s trip down done?
2023-08-20 Update
Last week SOFI kept diving and breached the $8 price line, before it bounced up and closed the week at $8.22. Note on the daily chart, the stock now respects the 5-day and 6-day SMA resistance lines:
On the weekly chart SOFI traded below the breached 8-week EMA support line:
