ARK has been on a gradual slide over the past while. Has threatened to break the downtrend more than a few times but has ultimately failed and now there are a few likely points where it could rebound or continue to fall.
- Key fib levels have corresponded to where support has been found during the current dip.
- Today was the first time during this dip that an hourly candle closed before the 0.5 fib level. Currently the price is hovering between the 50 day average and the 0.5 fib level so it could either rebound at the 50 day, or fall through that support.
- If it fails, expect it to move down towards to the 0.618 fib level and look for support and a possible rebound.
- Again, if it fails here could move down towards the 100 day support/0.786 fib level which corresponds with a historical trend line.
Takeaways:
- If there is a significant rebound from the 50 day and we get some candles closing north of the 0.5 fib level, it could mark the start of an upward trend if RSI and Volume support it.
- If it falls below the 50 day, look to see if it rebounds or continues to fall at the 0.618 fib level; respond accordingly.
- If candles start to close below the 50 day, look for a rebound at the 100 day.
- Key fib levels have corresponded to where support has been found during the current dip.
- Today was the first time during this dip that an hourly candle closed before the 0.5 fib level. Currently the price is hovering between the 50 day average and the 0.5 fib level so it could either rebound at the 50 day, or fall through that support.
- If it fails, expect it to move down towards to the 0.618 fib level and look for support and a possible rebound.
- Again, if it fails here could move down towards the 100 day support/0.786 fib level which corresponds with a historical trend line.
Takeaways:
- If there is a significant rebound from the 50 day and we get some candles closing north of the 0.5 fib level, it could mark the start of an upward trend if RSI and Volume support it.
- If it falls below the 50 day, look to see if it rebounds or continues to fall at the 0.618 fib level; respond accordingly.
- If candles start to close below the 50 day, look for a rebound at the 100 day.
Comment:
Has found some support at the 50 day and RSI has improved. If it sticks along the 50 day and starts to close some candles outside the negative trendline, could be a good indicator of time to buy. However, it has been intermittently dipping below the 50 day and still probably won't clear the negative trend line for a day or so if things continue the course, so not in the clear yet.
Comment:
ARK has bounced back up north of the 50 day and hit the downward trendline. However, it has failed to close a 4 hour candle above the 50 day and hasn't managed to close any 1 hour candles above the downward trendline.
Continues to be a wait and see for me. Will be a buy signal if it closes above the 50 day and the downward trendline (4 hour candle or a couple 1 hour)
Continues to be a wait and see for me. Will be a buy signal if it closes above the 50 day and the downward trendline (4 hour candle or a couple 1 hour)
Comment:
Looks like my approach is still holding out. ARK has stayed within the trendlines and looks to have finally failed at the 50 day support. It still has potential to break out of the negative trend but I'm betting on it heading towards .618. Will re-evaluate when it gets closer.