SOFI SHORT
SOFI bounced after beating EPS estimates and made top at $24.65 before bouncing around at the 22.34-24.18 range. The long upper wicks on 11/11,12,15 show the stock's inability to entice buyers at that level.
The three most recent bars look like a "3 Black Crows" candlestick pattern which suggests further downside to come. The directional indicators on the ADX are showing a sell signal with DI- crossing over DI+. In addition new insider selling was reported this AM which will likely trigger additional selling.
Targeting: $19.87-$16.92 it is possible that it may find support at the 50sma or the 200sma.
Long term I like the stock, but there is some pain coming for longs in the short term.
The three most recent bars look like a "3 Black Crows" candlestick pattern which suggests further downside to come. The directional indicators on the ADX are showing a sell signal with DI- crossing over DI+. In addition new insider selling was reported this AM which will likely trigger additional selling.
Targeting: $19.87-$16.92 it is possible that it may find support at the 50sma or the 200sma.
Long term I like the stock, but there is some pain coming for longs in the short term.
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