Hi traders,
Taking a closer look at SoFi Technologies, Inc. (SOFI), we can see that it has formed a falling wedge pattern over the past few weeks, signaling a potential bullish reversal.
SoFi Technologies is a leading fintech company that offers a suite of financial products, including student and personal loans, credit cards, investing, and banking services. The company has been expanding its product offerings and growing its customer base, positioning itself as a significant player in the financial technology space.
The falling wedge pattern is characterized by downward-sloping trendlines that converge as the price moves lower, forming a wedge shape. This pattern typically indicates a period of consolidation before a potential reversal to the upside. The convergence of the trendlines suggests a decrease in selling pressure, which often precedes a bullish breakout.
As the price approaches the apex of the falling wedge, traders should watch for a breakout above the upper trendline, which could confirm the bullish reversal.
Entering a long position upon confirmation of the breakout appears reasonable.
Take Profit: 9.11
Final Target: 10.89
Taking a closer look at SoFi Technologies, Inc. (SOFI), we can see that it has formed a falling wedge pattern over the past few weeks, signaling a potential bullish reversal.
SoFi Technologies is a leading fintech company that offers a suite of financial products, including student and personal loans, credit cards, investing, and banking services. The company has been expanding its product offerings and growing its customer base, positioning itself as a significant player in the financial technology space.
The falling wedge pattern is characterized by downward-sloping trendlines that converge as the price moves lower, forming a wedge shape. This pattern typically indicates a period of consolidation before a potential reversal to the upside. The convergence of the trendlines suggests a decrease in selling pressure, which often precedes a bullish breakout.
As the price approaches the apex of the falling wedge, traders should watch for a breakout above the upper trendline, which could confirm the bullish reversal.
Entering a long position upon confirmation of the breakout appears reasonable.
Take Profit: 9.11
Final Target: 10.89
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