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- 1 ARKK stock price is unaffected by recent market shocks
- 2 Although ARKK stock price has been falling steadily over the past 3 weeks, it seems to be just a pullback.
- 3 ARKK stock price is forming a flag and pole pattern on a daily time frame.
ARKK stock price is currently consolidating a smaller range on a daily time frame. As of now, the stock price is forming a strong bullish chart pattern on a daily time frame. Moreover, stock gets ready for a big move; currently trades at the price level of $38.68.
ARKK is an exchange traded fund managed by ARK Invest that focuses on investing in innovative companies disrupting traditional industries, particularly in the field of genomics, fintech and ecommerce.
ARKK Stock Price is Forming Positive Price Structure
ARKK stock price is seen falling back to the demand zone on a weekly time scale. While on a daily time scale the stock price has retracted back to the previous breakout zone. As of now, the ARKK stock price is trading above the 50 and 100 Moving Averages. Following a bullish momentum as soon as the stock price reached the demand zone, it was seen breaking out of these MAs. Moving forward, these MAs can be seen acting as a strong demand zone.
ARKK stock price is currently hovering around the upper band of the bollinger band indicator. Once the stock price breaks out of the channel neckline it can be seen reaching $52.00 level. Investors should not get carried away by the bullish signal and should wait for a proper breakout and then act accordingly.
ARKK Stock Price is Forming a Flag and Pole Pattern
Average Directional Movement Index is showing a sluggish movement as it keeps falling below the 20 mark. Currently it is trading at the level of 15.64. If the ARKK stock price breaks out of the range where it faces resistance then it can be seen rising even higher. The ADX curve has turned upwards indicating possible halt in the price movement and a change in the price structure.
Relative Strength Index (RSI) is depicting a positive price structure as it is near the overbought zone. Previously as the ARKK stock price fell to the breakout zone, the RSI curve was also seen falling. But as soon as the stock price reached the breakout zone, the RSI curve started reversing. Once the stock price breaks out of the supply zone, the RSI curve can be seen crossing the halfway mark of 50.
Conclusion: ARKK stock price is currently hovering around the short term demand zone on a daily time frame. Technical parameters are also turning bullish, indicating a possible breakout in the upcoming trading days. Thus, the investors should wait for a breakout and then act accordingly.
Support: $34 and $32
Resistance: $44 and $46
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
