$SOFI
Added 2024-02-16 12:25:02 +0000 UTCThe 200 Day MA is becoming the important support/resistance level now.
Since September, the battle between the bulls and bears have been taken place around this moving level and for the majority of the time, the Bulls have been winning.
The concern with $SOFI is that every time it gets a strong bounce, the bulls have not been able to follow through and the price reverts back to the 200 Day MA.....this is not technically a bad thing, as the macro conditions are probably weighing heavily here too but as long as the 200 Day MA is held and there is a drift (even if it is slow) higher, Bulls should feel comfortable.
We are looking at the potential that Subwave 2 of Wave 3 is complete now if the price can get above the 50 Day MA....$IWM is also looking like it is a good position for some upside too, so $SOFI may benefit from this too.
Holders do not need to do anything at the moment bare hold their position or add above the 50 Day MA.....I would not be selling here at all.
