"COIN has earnings coming up, and its chart is one of few holding strong after a volatile day in the indexes." Nate Bear, Lead Technical Tactician, Monument Traders Alliance Sell, baby, sell... Yesterday, the indexes continued lower, digesting Alphabet's (GOOGL) earning results after the market close Wednesday. GOOGL's drop came after announcing it's going to spend a heck of a lot more money on AI in 2026 than the markets expected. In the short term, this means GOOGL's spending spree will continue to punish AI-related stocks. So I'm not trading aggressively this week. But I also believe the buy opportunities will start showing up in droves on my S.A.M. scanner after this volatility shakes out. So right now, I'm looking for chart setups holding strong against the current tailwinds. One of those charts is Coinbase (COIN). The stock has never been this oversold on the RSI - ever. That's one reason I'm interested... There are also a few catalysts coming up for COIN that make it an enticing trade candidate. For one, Bitcoin (BTCUSD) has an oversold chart, and it's now coming into a major support area. As inflows for cryptos like BTC and Ethereum flow in, digital asset exchanges like COIN could also benefit. COIN also has earnings next week... another catalyst that could send it higher. But I'm not looking to guess if COIN will beat earnings or not. That's almost never a wise decision as a trader. Instead, I like the idea of taking some "out of the money" calls on COIN. It's a cheaper way to look for a bounce into earnings. |
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