Another Ark Invest spotlight : BEKE - Shall we get in now?Unlike many other of my recommendations, the price action of NYSE:BEKE is not as strong. It does not present any wedges, it also does not set an key support with high vol transaction, however there are a few observations which I really like about this stock:
1. Its trend line (10-20-50MA) have been consolidating around $64-65 price range for almost a month
2. It has gradually built a swing trade range with a very narrow 15% range
3. And most importantly Ark Invest has been buy HARD since Oct, and has been buying almost every single day thereafter. Looking at the position document of Ark Invest, they have been accumulating around 8M of NYSE:BEKE across ARKK/ARKW/ARKF. You can see the upper chart for a detail record of Ark's buying since Oct.
I believe we are just waiting for any catalyst to to come up to propel BEKE stock to the next support level. I typically would set my cut loss within 8%. However, with the strong buy signal from Ark Invest, I am going to start building a position on BEKE at around $67 range, and set my stop loss at $58. But I plan to hold strong on BEKE for at least 3 months until before its next earning release in April.
