$ARKK Finally a buy ?
Updated
ARKK - The bearish sentiment and hate against miss Cathie Wood is pretty strong as her flagship ARKK fund has gone from a high of $160 to low $35 this past week, nearly erasing ALL gains and now total 5 year return in line with the market at 13.8%. If you're a contrarian, you love the idea of going long here.
I prefer technical and price action which as of now I think ARKK has a good R/R and am looking for a trade to $55 price target in the near term.
- Huge volume last week as sellers appear to be exhausting and a bullish hammer candle
- Currently at FOUR year support line
- RSI in over sold zone
- PT 55 coincides nicely with 10weeklyMA at 56
- Even in bear markets we see upside rallies (another opportunity to short)
This is a trade idea, as a longer term investor I'd be waiting for a solid base and breakout above 30wkMA, and I still see any bull rally in this name as another opportunity to go short.
Further downside is limited and favor the risk return down here.
Let's see :)
I prefer technical and price action which as of now I think ARKK has a good R/R and am looking for a trade to $55 price target in the near term.
- Huge volume last week as sellers appear to be exhausting and a bullish hammer candle
- Currently at FOUR year support line
- RSI in over sold zone
- PT 55 coincides nicely with 10weeklyMA at 56
- Even in bear markets we see upside rallies (another opportunity to short)
This is a trade idea, as a longer term investor I'd be waiting for a solid base and breakout above 30wkMA, and I still see any bull rally in this name as another opportunity to go short.
Further downside is limited and favor the risk return down here.
Let's see :)
Note
Nice week for ARKK and market in general, even if this is just a "Bear market rally" , I think we get more upside before a new low... if the bottom is in here, well my entry is legendary :) Either way above entry now and respecting stops in this volatile environment.
The Market giveth, the Market also taketh
Cheers !
Trade active
Can move stops now and lock in gains. Took longer than expected but after what appears to be a double bottom, ARKK is very close to my first PT of $55, holding support of 4 year line as expected.
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