Righting the Ship:
When SOFI first came to the markets in late 2020 it was embraced with great fanfare. It traveled higher quickly out of the gate almost to 30 and then settled back in and as recently as May 2023 traded with a 4 handle. Its MONTHLY chart, shows this name put in a credible bottom with the bullish morning star pattern completed in January 2023 and that was successfully retested with a long bullish hammer candle in May of that year. Since those lows in late 2023, it has been making higher lows and could be poised for a turnaround. Notice it is powering higher thus far in October even after the rare September doji. On the WEEKLY chart below one can see the importance of round number theory as the weeks ending 6/16, 7/21, 8/4, 12/22, and 12/29/23 all were above 10 intraweek, but NONE were able to CLOSE above 10. It is deja vu as it climbed above that level for the first time in almost one year this week and is shying away once again. Will it have more courage this time around? I think the catalyst could be the earnings announcement on 10/29 before the open which could propel this name to breakout above the 10.59 WEEKLY double bottom trigger. If that happens this could be a very bright 2025 for the name.