Time to Add Onto ARKK Position?

5 Tem 2021

ARKK appears to have regained bullish strength after rallying above a strong level of resistance now flipped into support. And looks to be currently consolidating on-top of it. All of these are very bullish signs.
Keep an eye on the start of the new week as ARKK has already confirmed a full body candle close above the key weekly support level. How it starts out of the gate this week will be key. If it begins Tuesday in the green, a quick 6-7% pump could happen to retest the upper resistance at around 134.75 - 137.35 approximately.
A long seems safe right now but it will be worth monitoring as the daily RSI is nothing to brag about currently. Tight stop loss at 127.67 would be wise.

7 Tem 2021

İşlem aktif

Quick update: I am still not in this trade and we are currently under resistance on the daily. As always, my eyes are on the weekly candle close so no since baby sitting this trade as there is still 3 more days of trading that will take place in what could now be short term bearish territory.
Continue to keep your eye on the 127.67 line as a gap to the downside was just filled today so a rebound pump tomorrow would not be out of the ordinary.
The bias is now bearish, however, so it is suggested to refrain from taking any longs at this moment.

7 Tem 2021

Not

Another update.. (CORRECTION TO PREVIOUS POST)
In the previous update a slight but key indicator was forgotten about by me and that is the fact that we have already closed a previous full body weekly candle that held as support last week, and this weeks candle would be the buy signal.
However... nothing has changed with the 127.67 level as it is still the level to watch. If this weeks candle closes below that level, that will be your signal to close and exit any longs.
I personally will be looking to get active in a trade tomorrow (morning of July 7th US Eastern time) as the possibility for a big move to the upside is somewhat imminent.

7 Tem 2021

Not

Just one last update to confirm that I have just taken a long on this. Its a small position with a profit taking target of around $137 per share.
As already mentioned multiple times, a weekly candle close below $127 will be enough risk for me to close my position.

8 Tem 2021

Not

Quick update:
Needless to say ARKK, like many stocks and funds this week have rolled over and shattered even the usually most reliable support levels. We are currently at the 2nd level I had my eye on (not plotted on this chart) so I just bought more moments ago and added to my current -3% position.
Stop loss is at 119.38.
Below that you are most likely going down to the .236 level at around $111.

11 Tem 2021

İşlem elle kapatılmış

Long has been closed on this at -1.25% as the price has failed on the daily and weekly to get back above 126.17 or 127.67 so that is a signal that there is much indecision with this at the moment.
The ETF did manage to rally and close the week out strong, which I believe had a lot to do with Tesla's rally to close out last week.
The price on Monday tomorrow could very well pump as this has been a rodeo of an asset shaking out impatient speculators both up and down. If a pump ensues tomorrow we still patiently play the same game of support resistance as the bulls will need to prove that any pump can be sustained by getting a weekly candle close above the 126.17 for starters, but ultimately 127.67 needs to be conquered again before I can get enthusiastic about another long.