Key Takeaways Coinbase shares soared 24% on Tuesday following news the cryptocurrency exchange will be added to the S&P 500.The stock forged an inverse head and shoulders pattern on the chart between March and May,

Crypto exchange Coinbase (COIN) surged over 8% on Monday after market closing on news that the stock will be included in the broad-market S&P 500 stock index. The company would replace Discover Financial starting on May 19, according to an S&P press release.

The stock jumped nearly 15% following news that Coinbase will replace Discover Financial (DFS, Financials) in the S&P 500 index. The change will take effect before the market opens on May 19. The move adds Coinbase to the portfolios of index-tracking funds,