Coinbase shines
The Coinbase $COIN (-3.76%) stock recently soared impressively after the US Senate passed the GENIUS Act. This bipartisan bill promotes and regulates the use of stablecoins, which is seen by investors as a big step in the right direction. This legislation not only provides Coinbase with legal clarity, but also allows it to take its stablecoin business to the next level. On Wednesday, Coinbase also introduced an exciting new product called Coinbase Payments, which allows users to make payments with stablecoins on various trading platforms. As a result of this positive news, the stock jumped an impressive 16% to around USD 295, showing a 19% increase in value since the beginning of the year, significantly outperforming the overall S&P 500 increase of only around 2%.
After a decline in April, Coinbase shares have been trending positively and consolidating in a flag pattern, indicating a possible continuation of the uptrend. On Wednesday, the stock broke out of this pattern, supported by a rise in the relative strength index and the highest trading volume in over a month. Investors should keep an eye on two important price levels: around USD 330 and USD 450, while support levels lie at USD 265 and USD 212. A close above USD 330 could signal further gains towards USD 450 and keep investors optimistic.
Marathon Petroleum in focus
Marathon Petroleum $M1PC34 is a major integrated company in the downstream energy sector in the USA. It operates through three main segments: Refining & Marketing, Midstream and Renewable Diesel. The Refining & Marketing segment refines crude oil and other feedstocks at the company's refineries located on the Gulf Coast, Mid-Continent and West Coast of the United States. Products are marketed both domestically and internationally and include transportation fuels and petrochemicals.
The Midstream segment is responsible for the gathering, transportation, storage and distribution of crude oil and refined products, including the production of renewable diesel. The Renewable Diesel segment processes sustainable raw materials into diesel fuel and distributes it via the Midstream segment and third-party suppliers. Marathon Petroleum, founded in 1887, is based in Findlay, Ohio, and plays a central role in energy supply and processing in the USA.
Sources:
https://finance.yahoo.com/news/watch-coinbase-price-levels-stock-022637331.html
https://finance.yahoo.com/quote/MPC/