SoFi Technologies Inc. (NASDAQ:SOFI) stock rose more than 3% Tuesday, outperforming a broader financial sector that finished nearly flat, as shares extended a rally that has taken them back above their short- and intermediate-term trend lines.
SoFi Technologies stock is charging ahead with explosive momentum. Why is SOFI stock surging?
SoFi Reclaims Short-Term Trend Lines, But the 200-Day Still Looms
SoFi’s stock is trading above its 20-day moving average of $17.93, its 50-day average of $17.75 and its 100-day average of $17.29, an alignment that keeps the near-term trend pointed higher and gives dip-buyers a clean set of levels to watch. The bigger test sits higher up: shares remain below their 200-day moving average of $20.40, a level that tends to act like gravity on the stock until price can reclaim it and hold there. Until that happens, rallies in SoFi can still feel choppy even when the underlying move is real, since the broader market hasn’t fully committed to the stock’s longer-term trend just yet.
Momentum is improving on a shorter-term basis. The MACD line is above its signal line with a positive histogram, suggesting selling pressure is easing and the stock’s latest upswing has more follow-through than its prior pullback. The moving-average picture is still mixed, though: the 20-day average sitting above the 50-day average is a bullish near-term signal, but a death cross from March, when the 50-day average fell below the 200-day, is a reminder that the longer-term trend hasn’t fully reset.
