SoFi stock price continued its strong downward trend this year, moving to its lowest level since July last year.

It has slumped by over 42% from its highest level in November last year, and technical analysis suggests that it has more downside to go.

SoFi stock price technical analysis points to more downside 

The daily timeframe chart shows that the SoFi share price has crashed in the past few months, moving from a high of $32 to the current $19.

This retreat happened after the stock formed a head-and-shoulders pattern, a common bearish reversal sign in technical analysis. It moved below the neckline at $25 in January.

The stock moved below the 50% Fibonacci Retracement level at $20.75. Also, it formed a death cross pattern on February 4…