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Company Overview: SoFi Technologies, Inc. (NASDAQ: SOFI) is engaged in lending and financial services products that allows members to borrow, save, spend, invest and protect their money.
As per the previous recommendation on SOFI on 23 May 2023, a ‘Speculative Buy’ rating was given on the stock at USD 5.26, and noted below are the details of the technical analysis summary provided in the previous report:
Support/ Resistance Summary as on 23 May 2023
SOFI’s Daily Chart
Considering the resistance levels achievement, current trading levels and associated risks, it is prudent to book profits at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the close price of USD 7.74 as of June 07, 2023.
Note 1: Past performance is neither an indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is June 07, 2023. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Dividend Yield may vary as per the stock price movement.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.
Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.
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