here we have the current stock market update for Sofi Technologies Incorporated stock ticker s fi before we begin if these educational materials are helpful for your trading please remember to click the like And subscribe buttons and leave your thoughts Below in the comments so that other Traders will be able to find this information more easily on the platform form so as we can see here we have the 4-Hour price chart and the stock itself is seeing massive gains here uh this is somewhat surprising given the broader context that we're currently seeing in the market uh in other words uh we have seen some fairly disappointing reactions and responses to the Nvidia earnings that were posted yesterday last night after the trading Bell and for the most part you know we have seen some weakness in several important technology stocks particular I can point to names like paler and and super micro computer uh but fortunately for this stock and fortunately for bullish Traders this is not been the case for Sofi so what we're current currently seeing here is a series of breaks to the top side that have started to uh damage the barest aspect of this prior price structure so in the rest of this video we're going to be going over these uh individual price points here so that we can determine uh exactly what would be the most profitable trading strategy for this stock going forward so as we can see here the share price itself is is posting new near-term Highs coming in at $85 as we can see previously this old high came in at $86 however there was a bit of a strange kind of uh deformed even uh double top formation uh structure that was seen between that was seen between the $86 and $795 C uh region here uh so it wasn't exactly as clean as you would like a double top to be if you're looking at that type of price formation uh but it was close enough where we can start to expect to see resistance in this area so given the fact that this near-term price movement is seeing such a strong bullish candle here in the face of this resistance this is largely uh positive for the stock and this does suggest that uh selling pressure in this area uh has been limited relative to what might otherwise be expected so we do have to keep in mind the fact that you know if we kind of pull out on this price chart a bit we do need to keep in mind the fact that we haven't exactly broken through this $86 level just yet uh however this does appear to be imminent given the fact that we aren't really seeing any real pullback here there there has not been a uh you know a major rejection here or anything like that we're not seeing a lot of evidence of selling pressure here so at the moment my expectation would be for this stock to break out to the top side and ultimately overcome this $86 Cent resistance level part of the reason that I say this is because uh you know the more recent resistance area came in at $7.95 we weren't even able to break the $8 Mark uh and here we can see that you know we're we might even we might even break through it before the end of this video uh so but you know what what I was saying was that you know previously when we tested this level we weren't even able to test the $8 Mark uh and here we're currently seeing we're now at a retest of this $86 level uh so I would even have to change this uh this marking here um but my main my main point here is that we're not seeing a significant rejection here we're not seeing a lot of in pressure we're not seeing a long wick on this candle uh this is a very strong full-bodied bull candle so uh overall you know what this tells us is that you know there's not a lot of selling pressure that's going to be found immediately here so what does this tell us exactly if we do break above here what exactly does this mean uh it means a few different important things one would be the fact that you know I've been in Prior videos I've been pointing to this downtrend this prior prior downtrend line uh that had been governing or controlling the stock previously and here we can see that you know this has now convincingly broken to the top side this was a bit of a messy price break and there was even a fair argument that could have been made which suggested that this recent price breakout to the top side could have been a false breakout the reason that that would have been a fair argument to make comes from the fact that there was clearly a lot of selling pressure at this area um you know so the last time we reached this 8 and we are breaking this new high right now so this is $8.7 so we're we're technically above the prior price high but the the last time we were in this area we saw a significant rejection here uh so much so that the price broke to new lows relative to the previous lows so this is all significant because it means you know the last time we saw a price support Zone came in at $615 we saw prices moved to $86 and then we broke to a new low the selling pressure was so intense uh that we were able to break through the prior low so for that reason it would have been a fair argument to to suggest that this was actually a false Breakout of this trend line but now that we're starting to see a break Above This Old resistance level uh that that argument kind of goes out the window uh you know we that's not really a valid argument anymore because now we're starting to see new price highs so what we can say here currently is that this prior downtrend at least at least from looking back to the middle of April uh at the very least that that negative Trend now has run its course and has completed itself so we can take a look at the indicator readings here uh and we can see some further evidence of that type of uh situation occurring so here we can see that there is a there is a negative downtrend here in the share price momentum but that has now start that has now broken to the top side we have seen share prices move move above this downtrend uh so what we can say here is that this is no longer a momentum indicator that is that remains valid so share prices are no longer being controlled or governed by this negative bearish Trend momentum in addition to that uh we have to look at the the lower end of this indicator reading here and this is what I'm looking at here is the bottom of the price chart so this is the the purple line is the relative strength index and as we can see here you know on a longer term basis we do actually have a bull Trend that is starting to develop here so when you take this into combination with the fact that the share price itself is breaking to new highs we've reversed from these $6 lows uh overall this is a bar this this does signal a completion of the bearish side of this equation uh so now the bull activity can start to take over and can start to see new trend waves here in the positive direction uh ultimately the price close today will be important um I don't want to just make people you know completely excited for no reason or anything like that what we do really want to see here is is prices uh closing Above This $86 level on a daily basis that would be the best possible signal here if we do start to see a bit of a rejection um you know it currently it doesn't look like this because this is a very strong uh full-bodied green candle that is also being confirmed by uh an increase in bullish trading volume so I I don't really expect that to be the case the way things currently stand here um I do expect that you know the the most likely scenario is that we close Above This $86 Cent level we will need to see what goes on in the broader Market I don't think we can just completely ignore that because if we start to see selling pressure uh throughout the technology space it could it could weigh on this stock and we could see a bit of a reversal in the second half of the day uh but as things currently stand this is a this is a very strong uh upward movement and there's really not much suggest suggestion here that there's selling pressure near term so here's the current market update for Sofi Technologies Incorporated stock ticker s fi our high value trading strategies membership is currently available for a limited time for only $9.99 per month these high conviction investment strategies are characterized by Superior risk to reward metrics that Target massive Market beating returns over time join now to outperform the market lock in this special introductory rate of just $9.99 per month for the entire lifetime of your membership and start trading stocks with the pros [Music]