Trade of the Day – Coinbase Global, Inc. (NASDAQ: COIN) May 21, 2024 93

Trade of the Day

Coinbase Global, Inc. (NASDAQ: COIN)

(Current Price: US$225.19) – TECHNICAL BUY

Buy price: US$225.19    Stop loss: US$210.00 (-6.75%)    

Take profit 1: US$260.00 (+15.46%)    Take profit 2: US$280.00 (+24.34%)    

 

 

 

(1) & (2): Coinbase Global, Inc. broke out of a descending wedge after forming a double bottom at the US$198 level. This provides a bullish signal.

(3) & (4): The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) technical indicators display a fresh bullish crossover and bullish divergence signal, supporting the bullish view.

We expect the price to continue its rebound towards Take profit level 1 at US$260.00 to retest a previous horizontal resistance level formed in early April 2024.

The price could then trade higher towards Take profit level 2 at US$280.00 to retest a swing high resistance level formed in late March 2024.

The expected timeline of the trade is 1-8 weeks from the date of report issuance.

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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