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Today’s newsletter will cover the following stocks:
Coinbase Global, Inc. (NASDAQ: COIN)
COIN has been forming a series of higher highs and higher lows since 2022, although it still has not been able to form a new ATH since it IPO’ed in 2021.
A bearish SKDJ crossover occurred in Aug’24, although it continued heading higher until a bearish divergence formed on RSI. COIN has since lost its support trendline (in green).
COIN closed just below 175.57 support, which opens the door for significant downside into the 150.12 quarterly support. The weekly SKDJ indicator is expanding further to the downside and becoming more deeply oversold, suggesting that the move down is about to enter a capitulation phase.
COIN no longer has any support trendline in play, with the next unfilled imbalance being the monthly bullish imbalance at 89.40-125.88. Until we see a clear bullish SKDJ crossover on the weekly, we could see continued downside pressure.
MicroStrategy Incorporated (NASDAQ: MSTR)
MSTR has been trading in an ascending channel since 2023, with a series of higher highs and higher lows. A bearish SKDJ crossover occurred in Dec’24, resulting in an ongoing pullback.
The weekly timeframe shows consolidation in the form of a descending broadening wedge with lower highs and lower lows. Despite the bearish-looking candle on the weekly chart, a bullish SKDJ crossover formed after the end of this week’s trading session. It remains to be seen whether this could be a potential false signal, or the start of a proper trend reversal.
MSTR rejected at 339.38 resistance, and has since been pushing back into a prior support zone. There are 2 unfilled imbalances I am looking at, namely the daily bullish imbalance from 269.77-272.62 and the monthly bullish imbalance at 185.81-220.82, which includes the weekly bullish imbalance at 200.00-204.91.
The daily SKDJ is in overbought territory and nearing a bearish crossover. Unless 33939 and the descending broadening wedge resistance trendline is taken out, the risk-to-reward strengthens for bears and weakens for bulls.
Tesla, Inc. (NASDAQ: TSLA)
TSLA was consolidating in a bullish pennant pattern before breaking out of it and headed to new ATHs. It then started a correction which has cumulated in a breakout retest.
TSLA found buyers after filling the 224.26 weekly bullish imbalance, and then made its way back towards the unfilled weekly bearish imbalance at 273.54 before rejecting above it. Given the bearish rejection and the absence of a bullish SKDJ crossover on the weekly chart, we could see another retest further down between 224.26-237.40 support.
TSLA is still being bound by the resistance trendline above. Until it breaks out of this downtrend, it could continue to form lower highs and lower lows. The key for any substantial long-term upside would be for the weekly bearish imbalance to be filled at 309.22.
$Coinbase Global, Inc.(COIN)$ $Strategy(MSTR)$ $Tesla Motors(TSLA)$ $Apple(AAPL)$ $GameStop(GME)$
@TigerWire @TigerStars @TigerEvents @CaptainTiger @MillionaireTiger
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