ARKK: Setting up for a breakout above $54. Target $98!!
There is an inverse head and shoulder getting formed on the ARKK weekly chart. The pattern materialized after a weekly close above $54.5.
The target after the breakout comes to $98 levels.
The strength of the move can be confirmed by:
1. Rising MACD and RSI Moving Average and
2. ADX is above 20
To maintain confidence in the setup, i would like to see the price within the upsloping channel.
The target after the breakout comes to $98 levels.
The strength of the move can be confirmed by:
1. Rising MACD and RSI Moving Average and
2. ADX is above 20
To maintain confidence in the setup, i would like to see the price within the upsloping channel.
Trade active:
Position taken at 48.9 | Stop Loss 46.9