SOFI SHORT
SOFI bounced after beating EPS estimates and made top at $24.65 before bouncing around at the 22.34-24.18 range. The long upper wicks on 11/11,12,15 show the stock's inability to entice buyers at that level.
The three most recent bars look like a "3 Black Crows" candlestick pattern which suggests further downside to come. The directional indicators on the ADX are showing a sell signal with DI- crossing over DI+. In addition new insider selling was reported this AM which will likely trigger additional selling.
Targeting: $19.87-$16.92 it is possible that it may find support at the 50sma or the 200sma.
Long term I like the stock, but there is some pain coming for longs in the short term.
The three most recent bars look like a "3 Black Crows" candlestick pattern which suggests further downside to come. The directional indicators on the ADX are showing a sell signal with DI- crossing over DI+. In addition new insider selling was reported this AM which will likely trigger additional selling.
Targeting: $19.87-$16.92 it is possible that it may find support at the 50sma or the 200sma.
Long term I like the stock, but there is some pain coming for longs in the short term.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.