Selling pressure looks a *little* exhausted when looking at the RSI, but still not a strong enough indication.
Looking at the volume bars, the last 3 days have seen above average volume in the red. Monday + Tuesday will tell us if the Bulls enter and have above average volume -- if not, risk is still on. I expect Monday to show price recovery (just seeing the last 12 days volume movement) but selling pressure back on Tuesday / Wednesday unless we have a catalyst.
Fundamentals:
A LOT of ArkK's investments are forming a Head & Shoulder pattern (linking up my SQ analysis from a week ago below as example). While ARKK's trading is dynamic, the general sentiment around stocks in their portfolio is "overvalued" - even after the correction nasdaq has had. A lot are still holding the neckline on their pattern, if this breaks, we have a great entry in many of those stocks.
Is it the end?
If you're a long term investor, this shouldn't matter, as painful as it may be to see ARKK possibly hit as low as $60 if market goes crazy in 2021. For swings, I see a fair bit of risk still in place, and am keeping my buying target at $93-95 for an initial entry. Some how I don't see ARKK going below the $90 mark just yet. By May / June earnings, I'm hoping enough positive news will keep ARKK's winners up. Meanwhile, I am **still** bullish on a good April, although I am prepared for a choppy year overall.
Keep taking profits where you can.
Good luck!
Previous ARKK analysis
Previous SQ analysis
Looking at the volume bars, the last 3 days have seen above average volume in the red. Monday + Tuesday will tell us if the Bulls enter and have above average volume -- if not, risk is still on. I expect Monday to show price recovery (just seeing the last 12 days volume movement) but selling pressure back on Tuesday / Wednesday unless we have a catalyst.
Fundamentals:
A LOT of ArkK's investments are forming a Head & Shoulder pattern (linking up my SQ analysis from a week ago below as example). While ARKK's trading is dynamic, the general sentiment around stocks in their portfolio is "overvalued" - even after the correction nasdaq has had. A lot are still holding the neckline on their pattern, if this breaks, we have a great entry in many of those stocks.
Is it the end?
If you're a long term investor, this shouldn't matter, as painful as it may be to see ARKK possibly hit as low as $60 if market goes crazy in 2021. For swings, I see a fair bit of risk still in place, and am keeping my buying target at $93-95 for an initial entry. Some how I don't see ARKK going below the $90 mark just yet. By May / June earnings, I'm hoping enough positive news will keep ARKK's winners up. Meanwhile, I am **still** bullish on a good April, although I am prepared for a choppy year overall.
Keep taking profits where you can.
Good luck!
Previous ARKK analysis
Previous SQ analysis
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