SOFI channeling but rising LONG

2023년 7월 28일

Shown on a 15-minute chart, SOFI is seen slowly rising in a parallel channel

bounded by a pair of anchored VWAP bands - the first and second deviations

above the mean VWAP from anchors back in mid-June. Fundamentally, SOFI

has been challenged by another round of student loan forgiveness by our

President as well as the instability in the prime rates ongoing.

On the chart, price is near to the bottom support of the mean VWAP lines coming

back to them since rising above them about July 10th. The trend index indicator

is neutral having resolved a minor trend down. Price dropped today with the

bond auction fiasco and general market downturn. the RS indicator shows both

low and high time frame lines bounced from the lows and the lower time frame

green line now crossing over 50.

I see SOFI as ripe and ready for a long trade to exploit this dip and the overall

long trend in a slowly rising channel I will set a stop loss under VWAP at 8.97

and the target of 9.45 , the first standard deviation blue lines and the POC line of

the volume profile, and the secondary target of 9.95 below the second

deviation red lines . I see that as a buy the low dip and sell upon the reversion to

the mean.