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Coinbase Levels to Watch as Stock Rallies to Start 2025
25 minutes ago
Coinbase (COIN) shares are off to a strong start this year following a recent retracement.
Since Donald Trump’s election win in early November, the stock has gained more than 30% amid optimism that his administration and a crypto-friendly Republican Congress will position the United States as a global cryptocurrency leader, creating a more favorable regulatory environment for exchanges like Coinbase.
Looking ahead, the company also sits well positioned to benefit for increased trading activity, with Bitcoin (BTCUSD) still hovering just below the $100K level and other large-cap altcoins, such as Ethereum (ETHUSD) and Solana (SOLUSD), performing strongly since the election.
Coinbase shares were up more than 3% at around $266 in recent trading, after gaining more than 3% yesterday.
Since setting a new three-year high in early December, the stock has retraced about half of its post-election rally, with the price sitting roughly midway between the 200- and 50-day MAs.
While the relative strength index (RSI) confirms weak price momentum with a reading around 40, the stock has shown a historical tendency to bounce when the indicator falls to this level. Moreover, below-average volumes have accompanied the recent move lower, indicating a lack of selling conviction.
Investors should watch key support levels on the Coinbase chart around $220 and $187, while also monitoring important resistance levels near $283 and $342.
Read the full technical analysis piece here.
–Timothy Smith
US Steel Shares Sink After Biden Blocks Nippon Steel Deal
1 hr 1 min ago
Shares of U.S. Steel (X) tumbled Friday as President Joe Biden blocked the $14.1 billion sale of the iconic American company to Japan’s Nippon Steel.
The White House announced the decision Friday, with the rejection based on the view that the sale posed a threat to national security.
“As a committee of national security and trade experts across the executive branch determined, this acquisition would place one of America’s largest steel producers under foreign control and create risk for our national security and our critical supply chains,” Biden said.
US Steel shares were more than 6% in recent trading. The stock is down 36% over the past year.
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Before the formal blocking of the deal, The New York Times reported that a blockage of the deal could hurt U.S. relations with Japan, a close ally and a big investor here.
U.S. regulators failed to agree on whether to allow the Japanese company’s acquisition to go through last month, passing the decision to President Biden.
The Japanese firm had pledged to invest more than $2.7 billion in U.S. Steel facilities, and CEO David Burritt had warned of plant closures and the possibility of moving the American company’s headquarters from Pittsburgh if the government blocked the sale.
The rejection of the deal casts a pall over U.S. Steel’s future. It previously had rejected a takeover offer by Cleveland-Cliffs (CLF), which subsequently bought a Canadian steel firm, Stelco.
–Nisha Gopalan
Vistra Levels to Watch as Utility Powers Higher to Start 2025
2 hr 31 min ago
Shares in electric utility Vistra (VST) are on the rise in premarket trading Friday after surging more than 8% yesterday amid growing optimism about the use of nuclear capacity to serve energy-intensive artificial intelligence (AI) demand.
Vistra was up nearly 2% this morning at $152.20. The stock is off to a roaring start in 2025 after soaring 260% in 2024, making it the second biggest gainer in the S&P 500 last year.
Since setting their record high in late November, Vistra shares had undergone an orderly retracement to the 50-day moving average on lower-than-average trading volume.
On Thursday, the stock closed back above the closely watched indicator, signaling that the longer-term uptrend may be resuming. In addition, the relative strength index (RSI) confirms improving price momentum, flashing its highest reading since early December.
Investors should watch key overhead areas on Vistra’s chart around $169 and $190, while also monitoring crucial support levels near $140 and $115.
Read the full technical analysis piece here.
–Timothy Smith
Futures Point to Slightly Higher Open for Major Indexes
3 hr 19 min ago
Futures tied to the Dow Jones Industrial Average were up 0.3%.
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S&P 500 futures were also up 0.3%.
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Nasdaq 100 futures rose 0.4%.
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