Stock Of The Day: Is SoFi Forming A New Range?

Core Viewpoint - SoFi Technologies, Inc. is experiencing an increase in trading activity, indicating the formation of a new trading range despite the absence of specific company news [1]. Trading Range Analysis - The stock has encountered resistance around the $28.40 level, which is likely to act as the upper boundary of the new trading range [2]. - Historical resistance levels often lead to regret among buyers if the stock price subsequently declines, prompting them to sell at a loss [4]. - If SoFi returns to the $28.40 resistance level, it may trigger sell orders from remorseful buyers, reinforcing this resistance [5]. Support Level Insights - Recent support for SoFi was identified at the $25.20 level, which could serve as the lower boundary of the new trading range [6]. - Investors who sold at this support level may regret their decision as the price has risen, leading some to consider repurchasing shares at the same price [6]. - This potential repurchase activity could create renewed support at the $25.20 level [6]. Trading Strategies - Traders may look to buy SoFi shares if the price drops back to the identified support level of $25.20, planning to sell as it approaches the resistance [7]. - Alternatively, some traders may wait for the stock to break above the resistance level of $28.40, indicating that sellers have exited the market, which could set the stage for further price increases [7].