$SOFI
Added 2024-07-11 19:55:41 +0000 UTC$SOFI along with $AFRM enjoyed the CPI print today and the prospects that Interest Rates could be cut by Sept, since the market is now giving this an 85% chance that it is possible.
Low rates mean more movement of capital for financial companies, which help increase revenue.
$SOFI has also been consolidating for nearly 2 years between $8 and $4 so it has absorbed a lot of the hit due to high inflation and high interest rates.
Break out of the wedge today and a test of the 50 Day MA, so far stopping there, next bulls will need to either retest the breakout level at $6.50 or break above the 50 Day MA at $6.80, next will be the 200 Day MA test.
$SOFI bulls have a habit of only seeing the bullish scenario so please weigh this up correctly.
Price will need to break above the 50 and 200 Day MA to start considering a reversal, this is true for $PYPL and $AFRM too, so they are in good company.
Until then, risks still exist.
