SoFi Technologies (SOFI) may well be one of the more perplexing ideas in the market right now. Mainly, the concern is that the obvious signs for SOFI stock don’t point in a positive direction. For example, Barchart’s Technical Opinion indicator rates SOFI as an 8% Weak Sell — and that’s justified by the security’s soft performance of 1.26% below parity for the new year.
Yes, in the past 52 weeks, SOFI stock has gained nearly 61%, which must be taken into account. However, the problem is that, since mid-September, the financial technology powerhouse hasn’t moved the needle, having been stuck within a sideways consolidation pattern. Now, given the non-ergodic nature of the stock market, the choppiness within the consolidation range has generated profits but that doesn’t really help ameliorate the wider narrative.
