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US Technical Analysis Report

One NASDAQ– Listed Blockchain Stock Poised for Upside as Russell 3000 Edged Higher– COIN

Jun 07, 2024

COIN:NASDAQ
Investment Type
Large-cap
Risk Level
Action
Rec. Price (US$)

Company Overview:  Coinbase Global, Inc. (NASDAQ: COIN) is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides platform, which enables its users to engage in a variety of activities, including discovering, trading, staking, storing, spending, earning and using their crypto assets. This Report covers the Price Action, Technical Indicators Analysis along with the Target Levels, Stop Loss, Support Levels, Resistance Levels, and Recommendation on stock.

US Markets Round-Up

This week, the Russell 3000 index, an important benchmark of the US stock market across market capitalizations, started the week on a positive note and continued the momentum. The index made high of 3050.376 during the week and settled at 3044.467 with a week-to-date (WTD) gain of ~1.155 percent on Jun 6, 2024. Other major indices, such as S&P 500 and NASDAQ Composite displayed upside move for the week. On Jun 6, 2024, the S&P 500 index settled at 5352.95 with a WTD gain of ~1.43 percent, while the NASDAQ Composite Index settled at 17173.121 with a WTD gain of ~2.618 percent. 

Having understood the US market performance over the week, taking cues from major global news, and based on technical analysis of the Russell 3000 index for the upcoming week, now let’s have a look at the one NASDAQ-listed stock to pick from the technical standpoint. Noted below recommendation is based on the entry price, target prices, and stop-loss for Coinbase Global, Inc. (NASDAQ: COIN) for the next 2-4 weeks duration: 

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Disclaimer-

The advice given by Kalkine Canada Advisory Services Inc. and provided on this website is general information only and it does not take into account your investment objectives, financial situation and the particular needs of any particular person. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. The website www.kalkine.ca is published by Kalkine Canada Advisory Services Inc. The link to our Terms & Conditions has been provided please go through them. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.