Swing Trade Idea (COIN) – May 14, 2024
Our bearish trade for Tuesday, March 14th is Coinbase Global Inc. (COIN). COIN is part of the Technology Sector, which has performed at 0.53% over the last month, with COIN underperforming at -18.82% over the same period.
COIN has been in a bearish trend for over two months now and recently broke below a key level of support at $200. With a continuing decline in strength, COIN will likely continue lower over the duration of this trade, with the next area of support at $185 and then $160.
As a close, if COIN were to trade above $205 for multiple days, this would invalidate our analysis and we will consider cutting losses on the trade. We will also consider cutting losses on this options trade if the value of the vertical spread moves below $4.27 Credit.
