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Coinbase gearing up to push higher

Authored by TD Markets
01.12.2021
Stock Squawk
0
2 min

The focus for today will sift to Fed Chair Powell thats due to testify before Senate, and the recent Omicron variant will be the focus as Powel stated yesterday that there is already an expectation that the variant could slow job growth, a fair warning a couple of days away from NFP, however, the strain should only affect the following jobless figures if the variant has a significant impact on the unemployment rate going forward. 

Yesterday’s movers:

  • Moderna Inc (MRNA) was up 11.80%
  • Li Auto Inc (LI) was up 6.42%
  • NVIDIA Corporation (NVDA) was up 5.95%
  • Merck & Co Inc (MRK) was down 5.39%

Stocks to watch:

Coinbase (COIN)

Coinbase rallied well yesterday as price climbed over 5% during the course of the day as it held its 50 day moving average. The recent recovery of Bitcoin and Ethereum has added a much needed momentum shift in the crypto exchange and with investors shifting their interest over to crypto following a lack lustered performance of the precious metals there might be a substantial movement higher.

Technically the chart is lining up well for a continuation given a break of the falling trendline, there should be a continuation to its previous all time-highs as price is expected to push to the 132 - 161 fibonacci levels.

Authored by TD Markets
01.12.2021
Stock Squawk
0
2 min
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