TradingShot

ARK Worth investing into this long-term Bullish Divergence

Long
AMEX:ARKK   ARK Innovation ETF
The ARK Innovation ETF ( ARKK ) has been holding the 33.30 Support since the October 10 1W candle. As shown on this 1W time-frame, this is the Support that was formed on the March 16 2020 low during the COVID crash.

Perhaps the most important development here is that, while the price has been on Lower Lows since June 13, the 1W RSI has been on Higher Lows, flashing a huge Bullish Divergence . Holding the 30.30 Support is a strong signal that the market may have bottomed and a strong rebound is about to begin.

The first Resistance is the 1W MA50 (blue trend-line) and the Q1 target for us is the 1D MA200 ( orange trend-line), which had the last major rejection on ARK (March 28). It is interesting to observe how strong Resistance (and Support) levels the Fibonacci lines have formed during this 2 year correction, especially in the upper bands. They can be used as targets later on after the 1W MA50 and MA200 break.


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