SoFi Technologies, Inc. (NASDAQ: SOFI)

(Current Price: US$8.01) – TECHNICAL SELL

Sell price: US$8.01     Stop loss: US$8.70 (-8.61%)  

Take profit 1: US$7.00 (+12.61%)     Take profit 2: US$6.50 (+18.85%)    

(1) & (2): SoFi Technologies, Inc. has been trading in a downtrend channel since breaking down of a bearish flag in September, which provides a bearish signal

(3): This is supported by decreasing momentum recorded on the Moving Average Convergence Divergence (MACD) technical indicator, which is forming a series of lower highs and lower lows, confluent with the bearish price action

(4): The price closed with a dark cloud cover bearish candlestick pattern on 3^rd November at the confluence of a downtrend channel resistance and previous support turned resistance following a breakdown at the US$8.30 level

Should the price continue its downtrend, it could potentially retest the first support level at US$7.00 which was the recent swing low support in end October

It could then head towards the next support level at US$6.50, which is confluent with the downtrend channel support and previous swing high resistance in May

Expected timeline of the trade is 1-4 weeks from the date of report issuance