$SOFI
Added 2023-11-06 11:57:18 +0000 UTCMy honest opinion on $SOFI is the large white circle bounce concerns me....this is to me is not an impulse bounce and there is very clearly 3 waves in this structure....so this is why I have this as an ABC structure and it has been moving down in 5 waves since topping out at $11.70.
The price is also struggling to get back above the blue line at $8 and holding above it....$SOFI was also one of only a few stocks that was red on Friday and finished the day just close to -2%.
That being said, the price has got back above the 200 Day MA and the 50 Day MA so it means that there is still bulls here prepared to buy.
$SOFI is still loss making and has a FWD PE of 119.....so please exercise caution here and do not get suckered into Twitter enthusiasm on a stock that is still at a high risk position.....if you listened to Twitter after its report, you would believe that it smashed their report like $AMZN and $MSFT but the reality is that it missed.
So let's see what the bulls can do
I have Wave 2 of the impulse wave at the 0.618 Fib at $6.80 and if they can get this back above the blue line and holding, then it can move higher.....anymore rejections and this moves lower first, before going higher.
Comments
Rejection at the 50 Day MA at the opening today.
Gareth Neary
2023-11-06 14:48:49 +0000 UTCThere is a gap at $7.40ish that needs/ could get closed.
Steve Suric
2023-11-06 13:24:27 +0000 UTCWe have a falling wedge on daily. Blake is correct, I don’t see that going back into $6s, certainly not $5s unless the market dumps. Btw the time to hit $4,5,6s was before the ER. This triple beat essentially derisked the stock. Next ER will put it into double digits. Also on daily above 200sma, 30ema and dancing with 50 sma. I’m bullish.
Steve Suric
2023-11-06 13:23:31 +0000 UTCThey missed due to a one time non cash goodwill impairment. They likely cleared this impairment ahead of Q4 earnings, so the positive EPS won’t be muddied. Management reiterated positive GAAP earnings in Q4. The largest catalyst for any company is when they finally flip from negative to positive earnings. $PLTR………
Blake O
2023-11-06 12:01:04 +0000 UTC
