ARKK: V-Shaped Recovery OTW?
When taking a glance at Ark's Innovation ETF, multiple indicators are signaling a potential bottom at these prices.
1.) On the weekly logarithmic chart, ARKK touched long-term support on March 14th @ ~ $55 and quickly bounced back to its 0.618 fib level.
2.) Since November 2021, ARKK has remained in a harsh downward channel and is finally showing signs of a possible break.
3.) When observing the MACD on the weekly chart, we see that it has printed a new bottom while the price makes a higher low on a 5-year basis. Given the right conditions, this is signaling bullish divergence and could result in a face-ripping move to the upside.
For all of the reasons above, I believe ARKK has the possibility of breaking its 5-month downtrend and returning to the next significant resistance fib level @ $96.
NFA, just my own opinion based on personal research.
1.) On the weekly logarithmic chart, ARKK touched long-term support on March 14th @ ~ $55 and quickly bounced back to its 0.618 fib level.
2.) Since November 2021, ARKK has remained in a harsh downward channel and is finally showing signs of a possible break.
3.) When observing the MACD on the weekly chart, we see that it has printed a new bottom while the price makes a higher low on a 5-year basis. Given the right conditions, this is signaling bullish divergence and could result in a face-ripping move to the upside.
For all of the reasons above, I believe ARKK has the possibility of breaking its 5-month downtrend and returning to the next significant resistance fib level @ $96.
NFA, just my own opinion based on personal research.
Feragatname
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