Strategy Inc. (NASDAQ:MSTR) stock rose more than 3% in Friday premarket trading as crypto-linked stocks gained following new regulatory developments.
Nasdaq futures rose 0.34%, while S&P 500 futures slipped 0.12%.
SEC Move Lifts Crypto-Linked Stocks
Crypto-related stocks moved higher after the Securities and Exchange Commission announced a five-year exemption tied to tokenized stock trading, according to Benzinga Pro.
The Commodity Futures Trading Commission also issued a no-action position covering certain passive software providers that partner with regulated entities.
The regulatory developments helped improve sentiment toward crypto-linked companies. Strategy, which holds Bitcoin as its primary treasury reserve asset, often moves alongside broader cryptocurrency sentiment.
Strategy Tests Key Technical Level
Strategy traded at $136.60, about 5.2% above its 20-day simple moving average of $129.57. The stock was also 24.3% above its 50-day SMA of $109.61.
However, shares remained just below the 200-day SMA of $137.13. That puts the stock near an important long-term technical level.
Momentum signals remain mixed. The MACD is below its signal line, while its histogram is negative. Meanwhile, the 50-day SMA remains below the 200-day SMA.
The stock carries a Buy consensus rating with an average price forecast of $232.82.
MSTR Price Action
Strategy shares rose 3.29% to $136.60 in Friday premarket trading, according to Benzinga Pro data.
Image via Shutterstock
Login to comment