Sofi Technologies (SOFI) is poised to break out after spending most of 2023 in single digit territory. The personal banking stock is nearing the end of a 20-month-long cup with handle pattern, and shares are trading well above the stock’s 50-day moving average of $7.31. The next level of resistance will be $11.70, which occurred after its Q2 2023 earnings announcement.
Additionally, 15.91% of shares are being sold short which could add some kindling to the fire. At the December meeting, the Federal Reserve held interest rates steady and signaled three rate cuts in 2024, which bodes well for the online lenders business.
Jermal Chandler, is host of Engineering the Trade, a show that helps tastylive traders get a sense of the way the market is moving from an analytical point of view.