Candle

Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>SOFI stock price fell 12.35% in the current week.</a> </li> 
 <li> <span>2</span> <a>SoFi Technologies’ stock price faced rejection from $9.00 and dropped below the 50-day EMA.&nbsp;</a> </li> 
 <li> <span>3</span> <a>SOFI stock formed a head and shoulder bearish pattern.</a> </li> 
</ul> 
<p>SOFI stock price fell 12.35% last week and formed a bearish reversal pattern. It faced rejection from $9.00 and began to decline by forming lower lows candles.&nbsp;</p> 
<p>SoFi Technologies’ stock price is in a correction phase and dropped below the 50-day EMA. It shows that the short-term trend has reversed down and sellers are getting active on the higher levels.&nbsp;</p> 
<p>However, the 200-day EMA is still placed lower which will act as an immediate support level for the bulls.&nbsp;</p> 
<p>Previously, SOFI stock price took support near $7.50 and showed a strong bounce. The buying volume also rose indicating that some genuine investors have injected the money.&nbsp;</p> 
<p>Later, slow and steady price rises and attempts to break the $11.00 hurdle were seen. But after the release of the quarterly earnings, the bulls lost momentum and profit booking began.&nbsp;</p> 
<p>In mid-August, the downfall halted near $8.00 and prices began to consolidate in a range. Recently, the sellers are getting active and are preparing for another phase of decline.&nbsp;</p> 
<p>It will be interesting to see how SOFI<a href="https://www.thecoinrepublic.com/2023/09/04/sofi-stock-nasdaq-sofi-is-16-possible-by-the-end-of-2023/" target="_blank" rel="noreferrer noopener"> stock price </a>will react in the coming sessions which will decide the further direction.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-does-sofi-stock-price-turn-bearish-in-october-strong"><strong>Does SOFI Stock Price Turn Bearish in October?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" loading="lazy" width="1024" height="434" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-667-1024x434.png" alt="SOFI Stock: SoFi Technologies Stock at Make or Break Level" class="wp-image-170248" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-667-1024x434.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-667-300x127.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-667-768x325.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-667-1536x651.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-667-750x318.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-667-1140x483.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-667.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   NASDAQ: SOFI daily chart by <a href="https://www.tradingview.com/x/p2GsJ3bd/" target="_blank" rel="noreferrer noopener">TradingView</a>
  </figcaption>
 </figure>
</div> 
<p>SOFI stock price is near the make-or-break level. The bears look more aggressive as compared to bulls.&nbsp;</p> 
<p>Meanwhile, the broader market indices Nasdaq Composite (-1.82%) and Dow Jones (-1.08%) fell in the previous session. It negatively impacted the prices of the majority of the tech stocks including SOFI.&nbsp;</p> 
<p>If the sellers succeed in dragging the price below $7.50, then a panic sell-off may be triggered. However, if the buyers remain active near $7.00, then a short-term bounce is possible.&nbsp;</p> 
<p>The analysis suggests that <a href="https://www.thecoinrepublic.com/2023/09/04/sofi-stock-nasdaq-sofi-is-16-possible-by-the-end-of-2023/" target="_blank" rel="noreferrer noopener">SoFi Technologies stock</a> is in bears’ grip and the possibility of breakdown is high.</p> 
<h3 class="wp-block-heading" id="strong-sofi-technologies-stock-formed-a-bearish-engulfing-candle-strong"><strong>Sofi Technologies Stock Formed a Bearish Engulfing Candle</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp;
 <div id="tradingview_00197"></div> &nbsp;&nbsp;
 <div class="tradingview-widget-copyright">
  <a href="https://www.tradingview.com/" rel="noopener nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a>
 </div> &nbsp;&nbsp;
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp;
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NASDAQ:SOFI",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "light",

  "style": "1",

  "locale": "en",

  "enable_publishing": true,

  "allow_symbol_change": true,

  "studies": [

    "STD;Supertrend"

  ],

  "container_id": "tradingview_00197"

}

  );

  </script> 
</div>  
<p>SoFi Technologies stock formed a bearish engulfing candle on a weekly time frame. It engulfed the gains of the past five weeks. If the sellers give the follow-through momentum, then a 5% to 10% sharp decline may come.&nbsp;</p> 
<p>The MACD curve in the SOFI stock generated a fresh negative crossover. The histogram bar is also turned red which confirms the strength of the sellers.&nbsp;</p> 
<p>The RSI at 36 slopes down which denotes weakness but if the price declines further, then it may test oversold territory.</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>SOFI stock price fell 12.35% last week and continues the correction. The price pattern looks highly bearish and no signs of recovery are visible.&nbsp;</p> 
<p>The analysis suggests SoFi Technologies stock is bearish and more downfall may come in October.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Technical Levels</strong></h5> 
<ul> 
 <li>Resistance levels: $9.00 and $10.31</li> 
 <li>Support levels: $7.50 and $7.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

SOFI Stock: SoFi Technologies Stock at Make or Break Level

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Thecoinrepublic.com

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