In last week’s post “Coinbase at Resistance Again,” we saw that COIN ended the weekly session 5 cents below its best respected body resistance line, the 21-week EMA (COIN was at $55.16, line was at $55.21).
We wrote: “It will have 2 chances next week to break above this line: the opening trade and the closing trade of the upcoming weekly session.”
The opening trade took place below the line, however, the closing trade was way above it. Friday’s session closed 15.75% above Thursday’s session, at $61.37, and contributed greatly to the weekly resistance line break.
That weekly candle shattered the body resistance line:
Zooming in:
The stock paused in front of the wick resistance line, the 29-week EMA, which hovered above at $64.57.
One down for COIN. It is now facing the updated wick resistance line, which now includes the closing price of last week’s candle:
The price to break now is $64.36; that is 4.87% above COIN’s latest price. Can COIN do it this week?