With numerous industry leaders’ stocks hitting their new 52-week highs in the previous days, SoFi Technologies (NASDAQ: SOFI) shares recorded gains in the last period, with positive momentum building, with the stock up nearly 50% this year.
Jim Cramer, renowned for his dynamic personality and outspoken perspectives on stocks and cryptocurrencies, expressed his thoughts on the latest developments in the stock market.
Following a question on his thoughts on SoFi in his latest episode of CNBC’s Lighting Round, Cramer responded:
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“I say you stay long SoFi. Remember, this stock is up substantially from where it was in the spring. I think Noto’s doing a great job. I remain a buyer.”
X users pessimistic about SoFi
In what appears to be a growing contrary trend, Cramer’s remarks have ignited bearish discussions about SoFi on the X social platform.
“SELL! SELL! SELL! $SOFI is crashing!!!” urged one X user.
The other one agreed by saying, “Source, please. Need confirmation to exit my position ASAP.”
His most notable recent misjudgments include Bitcoin (BTC), Nvidia (NASDAQ: NVIDIA), and Tesla (NASDAQ: TESLA). This led many investors to employ an “inverse Cramer” strategy, which is based on doing the opposite of the Mad Money host’s suggestions.
SOFI stock price analysis
Before a close on November 27, SOFI’s stock was traded at $7.03 per share, with a positive change of 2.48%% from the previous closure and a gain of 3.99% in the last 5 trading sessions. Moreover, SoFi technologies stock value experienced a positive year-to-date change of 56.22%.
But this time, Cramer might be right. Stock analyst BACH presented an exciting pattern regarding this stock, where it exhibits falling wedge patterns that forecast strong bull movements, according to his post on X on November 27.
The analyst suggests that despite the lingering gaps and yet-to-be-broken wedge pattern, positive relative strength index (RSI) and stabilizing moving average convergence divergence (MACD) suggest a potential trend reversal and diminishing drawdown momentum.
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