Hey everyone,
I believe SOFI will pull back in the coming week or two. Reverse-stock splits are typically bad news, so the fact that SOFI pumped today on the momentum of this announcement appears to be an opportunity for an easy scalp. Puts with at least a 7/29 expiration or shorting the stock would be an excellent way to take advantage of this.
Expectations are that the stock will drop at least $0.20 and then from there we could see recession fears pull SOFI down a bit more, potentially around $5.90.
I believe this may potentially have another day or two of rallying left, so monitor closely on Monday and Tuesday or a good entry point.
Some things to be aware of: SOFI is certainly still considered a meme stock, make sure you put your stop buy/sells in place. I would also recommend moving your stop buys down as SOFI crosses it's VWAP or SMA on the way down.
If you're brokerage allows it, a trailing limit order or stop buy would be excellent way to protect yourself and any gains.
I believe SOFI will pull back in the coming week or two. Reverse-stock splits are typically bad news, so the fact that SOFI pumped today on the momentum of this announcement appears to be an opportunity for an easy scalp. Puts with at least a 7/29 expiration or shorting the stock would be an excellent way to take advantage of this.
Expectations are that the stock will drop at least $0.20 and then from there we could see recession fears pull SOFI down a bit more, potentially around $5.90.
I believe this may potentially have another day or two of rallying left, so monitor closely on Monday and Tuesday or a good entry point.
Some things to be aware of: SOFI is certainly still considered a meme stock, make sure you put your stop buy/sells in place. I would also recommend moving your stop buys down as SOFI crosses it's VWAP or SMA on the way down.
If you're brokerage allows it, a trailing limit order or stop buy would be excellent way to protect yourself and any gains.