• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing
  3. / Stocks

SoFi Technologies Is Primed for a Rebound

Here's where the shares may be headed next.
By BRUCE KAMICH
May 16, 2022 | 08:50 AM EDT
Stocks quotes in this article: SOFI

A fundamental analyst at Piper Sandler raised their rating on SoFi Technologies ( SOFI) to "overweight" Monday with an upside price target of $10.
 
Let's check out the charts of this digital personal finance company.  
 
In the daily bar chart of SOFI, below, we can see a big decline since November. The shares have been punished. SOFI is trading below the declining 50-day simple moving average line and below the declining 200-day moving average line.
 
The trading volume has increased since the middle of January and tells us that traders are actively voting with their "feet." The daily On-Balance-Volume (OBV) line has worked lower into May but now we might start to see a reversal.
 
We can see a pattern of higher lows on the 12-day price momentum study from December even though prices have made lower lows this entire time. This difference between the indicator and the price action is a bullish divergence and can foreshadow a rally or rebound. 
 
 
In the weekly Japanese candlestick chart of SOFI, below, we can see that the latest weekly candle looks like a bullish hammer pattern. Confirmation is still needed but we are off to a good start.
 
The weekly OBV line shows an "uptick" and the Moving Average Convergence Divergence (MACD) oscillator has narrowed in recent weeks telling us that the downside move is weakening. A cover shorts buy signal could be approaching. 
 
 
 
In this daily Point and Figure chart of SOFI, below, we can see that prices reached a downside price target of $5.  
 
 
 
Bottom-line strategy: Aggressive traders could go long SOFI at current levels risking to $4. On the upside we could see a rebound to the $13 area to take profits.
 
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

Employees of TheStreet are prohibited from trading individual securities.

TAGS: Investing | Stocks | Technical Analysis | Financial Services | Software & Services | Technology | Analyst Actions

More from Stocks

As the Market Struggles to Bounce, I'm Watching These 7 Stocks

James "Rev Shark" DePorre
Sep 25, 2023 11:27 AM EDT

Let's look at the names I'm eyeing, including my pick of the week.

Brace Yourself as Higher Rates Start to Take Their Toll

Bret Jensen
Sep 25, 2023 11:00 AM EDT

Homebuilders and owners of commercial real estate in particular are feeling the rate-induced pain, and it likely will intensify in the months ahead.

After All This Time, Now We Fear the Fed? Really?

Peter Tchir
Sep 25, 2023 9:39 AM EDT

I'm the most bullish I have been on risk and rates since earlier this year when we were looking for a short squeeze.

Is It a Contrary Indicator That a Year-End Rally Is Widely Anticipated?

James "Rev Shark" DePorre
Sep 25, 2023 6:58 AM EDT

The market is struggling with a downtrend, and an oversold bounce is likely, but whether it will turn into a new uptrend is the key question.

2 Market Questions, 2 Very Different Answers

Helene Meisler
Sep 25, 2023 6:00 AM EDT

Something's been nagging me about sentiment, so I went to Twitter to get to the bottom of it. Plus, what to expect from the Russell this week and a look at the S&P's head-and-shoulders top.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 12:20 PM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    Trading in Multiple Time Frames
  • 10:24 AM EDT BRUCE KAMICH

    This Could Get Messy

    A number of key stocks are getting close to import...
  • 01:41 PM EDT CHRIS VERSACE

    Latest AAP Podcast With Helene Meisler!

    Listen in as the Action Alerts PLUS podcast talks ...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2023 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login