In the "Lightning Round" segment of Mad Money Friday night, Jim Cramer was bullish on SoFi Technologies (SOFI) , Williams-Sonoma (WSM) and Vizio (VZIO) . Let's check out the charts of SOFI, the finance company.
In this daily Japanese candlestick chart of SOFI, below, we can see all the trading since the company went public in December. Prices are consolidating above the rising 50-day moving average line.
The daily On-Balance-Volume (OBV) line shows us more aggressive buying since December. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line but in a take profit sell signal for now.
In this weekly Japanese candlestick chart of SOFI, below, we can see some improvement in the indicators. In early May we can see what is very close to a bullish engulfing pattern to mark a low. Prices have recovered with a rising OBV line. There are a couple upper shadows on the chart but they are not particularly big or dramatic so I am not all that concerned.
In this daily Point and Figure chart of SOFI, below, we can see a potential upside price target in the $43 area.
B ottom line strategy: Aggressive traders could go long SOFI at current levels risking a close below $19 for now. The $43 area is our price objective.
