The SoFi $SoFi Technologies Inc.(SOFI)$ stock price fell by -5.47% on Friday, 4th Aug 2023 from $10.05 to $9.50. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 6.65% from a day low at $9.47 to a day high of $10.10. The price has fallen in 6 of the last 10 days but is still up by 0.74% over the past 2 weeks. Volume has increased on the last day by 4 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 42 million shares were bought and sold for approximately $395.71 million.
Given the current short-term trend, the stock is expected to rise 88.48% during the next 3 months and, with a 90% probability hold a price between $17.91 and $22.26 at the end of this 3-month period.
SOFI Signals & Forecast
A sell signal was issued from a pivot top point on Monday, July 31, 2023, and so far it has fallen -17.03%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. Some positive signals were issued as well, and these may have some influence on the near short-term development. The SoFi stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $10.01. On a fall, the stock will find some support from the long-term average at approximately $9.13. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal.
Support, Risk & Stop-loss for SoFi stock
SoFi finds support from accumulated volume at $9.16 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.630 between high and low, or 6.65%. For the last week, the stock has had daily average volatility of 7.36%.
Our recommended stop-loss: $9.03 (-5.00%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (SOFI) For The Trading Day Of Monday 7th
For the trading day on Monday, 7th we expect SoFi Technologies, Inc. to open at $9.69, and during the day (based on 14 day Average True Range), to move between $8.86 and $10.14, which gives a possible trading interval of +/-$0.642 (+/-6.76%) up or down from last closing price. If SoFi Technologies, Inc. takes out the full calculated possible swing range there will be an estimated 13.52% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $9.55 (0.53%) than the support at $9.16 (3.58%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Insiders are negative selling more shares than they are buying in SoFi
In the last 100 trades there were 4.21 million shares bought and 6.32 million shares sold. The last trade was made 34 days ago by Yesil Magdalena who bough 31.12 thousand shares. In general the insiders are selling more stocks than they buy. There can be a variety of reasons for this, but in general it can be considered as a negative signal.
Is SoFi Technologies, Inc. stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period.
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