SOFI Short

I'll start by saying I am bullish SOFI in the longer term. I think it will be a big success story in the next few years. In the short term though I think it looks ready for a drop.


The most recent candle maxed out at $23.63, making a long upper wick and a double top with candle on 6/18 at $23.68 (close enough). The close on both those days was also in the same range.


The most recent candle also failed to close over the .61 fib level.


The volume profile shows us that nearly all the volume traded since May 3 has been under the current level.


Going in to earnings I anticipate a sell off to the $21.61-$20.67 level as traders derisk.


In the event of an EPS miss I expect price to sell off to the $19.63-$16.49 level.


If SOFI beats EPS my target is $25.61 and as high as $29.62 if its significant or it receives a meme stock pump.


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