Trade of the Day – SoFi Technologies, Inc. (NASDAQ: SOFI) June 26, 2023 173
Trade of the Day
SoFi Technologies, Inc. (NASDAQ: SOFI)
(Current Price: US$8.28) – TECHNICAL BUY
Buy price: US$8.00 Stop loss: US$7.00
Take profit 1: US$10.00 Take profit 2: US$13.50
The price found support upon retest of the inverse heads and shoulders horizontal neckline previous resistance turned support level at US$8.00.
The price could retest the first resistance level at US$10.00, which was the recent swing high formed in mid-June. It could then head to the next resistance level at US$13.50 confluent with a previous swing high resistance formed in February last year, which was previously a support in August 2021 prior to a breakdown.
Expected timeline of the trade is 4-16 weeks from the date of report issuance.
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Featuring regular TA posts and requests to analyse specific stocksAbout the author
Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).