$SOFI - Unbiased Technical Analysis - Massive Setup Forming
Saw this one catch everyone's eye recently so I figured I would provide a roadmap as always:
[$SOFI 1Y 1D](
403 Forbidden)
This is a **Symmetrical Triangle** that has been forming since January **7**th. It has a **bullish** bias since it is coming from upside.
It breaks out above **24.10** tomorrow, sloping down each day by about **0.10.** The price targets for said breakout would be **30.00 --> 35.00.** There is slight resistance just above at **24.96** I want to be mindful of - but it will become nice support once we clear it.
Normally I would talk about the bearish scenario for a setup like this - but I don't like this one for downside.
There's a bunch of key levels to look at inside if you are looking to accumulate shares early. Support is **17.59, 15.59,** and the low end of the triangle at **14.80.** Resistance is at **21.02, 22.02** and the top of the triangle at **24.10.**
Note the up move today was gap filling from the one left on **6/24**. We are still rangebound - and as such taking long options positions is dangerous (especially short-term). Interesting uptick in volume recently - perhaps due to WSB influence, or end of quarter rebalancing. Since we've sort of gone flat off of it - there isn't too much practical information to glean.
August Calls are very liquid and likely what I will be getting into if we break out before July OpEx.
Yes, I know there are tons of fundamental factors you guys are looking at - but it's already been posted 5000 times so it's unnecessary for me to reiterate it. I find that stocks with good fundamental stories tend to break to the upside far more often - so I consider those headwinds a plus for the chart.
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**Edit:** Forgot to include timeframe\~
The setup would play out probably over a couple weeks AFTER it breaks out\~
Technically, there is room for the stock to chop in this setup until December, though I doubt it waits that long\~
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*Keep in mind technical analysis is a road map, not a crystal ball. I'm providing the most high probability entries & exits - with the most favorable risk/reward ratios. I am not making an absolute prediction of future prices.*
*Not Financial Advice*