New York, USA - 26 April 2021: SoFi logo close-up on website page, Illustrative Editorial
SoFi (NASDAQ: SOFI) stock price is gaining momentum again after a rebound from a critical level. The shares of the personal finance company have successfully flipped a previous resistance level into support. If the positive sentiment in the markets persists, I expect the stock to rise in the coming days.
After the Labor Day weekend, the US markets are set to open on Tuesday. SoFi stock rose 6.03% last week but slid 0.8% in the pre-market on Tuesday. The US stock market has shown a strong rebound from the August lows.
The stock of the online bank SoFi, performed very poorly in August and closed the month with a 24% loss. However, it has shown a strong rebound in September and is now up almost 11% from last month’s lows. The downtrend in August could be attributed to the hawkish US Federal Reserve.
However, SoFi Technologies keeps growing at a rapid pace. In Q2 2023, the company’s sales grew 37% on a YoT basis. The company is also getting close to profitability and is adding more an more products to its portfolio. SoFi stock price is 95% up from its yearly lows.
The following chart clearly shows that the price has found support at the previous range highs of $8.16. This level was previously acting as a resistance but has now turned into a support level. Due to this reason, SoFi stock price prediction is looking bullish for the coming weeks.
The invalidation of this bullish forecast will be an acceptance below the previous range high of $8.16. This will give bears enough confidence to target the range mid around $6.26. The overall market sentiment and the upcoming FOMC meeting will also play a key role in this regard.
In the meantime, I’ll keep sharing the updated SoFi forecast and my personal trades on my Twitter, where you are welcome to follow me.
This post was last modified on Sep 05, 2023, 11:48 BST 11:48