Look -- up in the sky!
Is it a crash? Is it a correction? No, it's a sale!
ARKK is at a critical support on the daily chart (right at the 200 MA on daily). But before I re enter, I like to zoom out and take a weekly chart view -- which is what I am presenting.
The weekly chart shows that ARKK rallied upward too quickly for it's own good (we all love the Cathie train). While the daily chart is at the 200MA the weekly is not even close to the 50 MA!
My strategy
I'm waiting for a pullback to around $93 for an initial entry (75% of what I'm willing to invest in this). If the weakness continues, I will dollar cost average at around $75 -- however, at present I don't feel we will see the $75 price point. But we have a whole 2021 left, so I can wait.
NOTE: For me I will not be looking to swing trade ArkK, and am okay if this ship sails before I get a chance to hop on, so please plan your strategy accordingly. My outlook for ARKK currently is 12-24 months if I get the orders filled at my targeted prices. My 2022 price target for ARKK is $195-215 which will be 2x ROI.
Let me know if you're actively in ARK ETFs and what are some of your targets.
Good luck!
Is it a crash? Is it a correction? No, it's a sale!
ARKK is at a critical support on the daily chart (right at the 200 MA on daily). But before I re enter, I like to zoom out and take a weekly chart view -- which is what I am presenting.
The weekly chart shows that ARKK rallied upward too quickly for it's own good (we all love the Cathie train). While the daily chart is at the 200MA the weekly is not even close to the 50 MA!
My strategy
I'm waiting for a pullback to around $93 for an initial entry (75% of what I'm willing to invest in this). If the weakness continues, I will dollar cost average at around $75 -- however, at present I don't feel we will see the $75 price point. But we have a whole 2021 left, so I can wait.
NOTE: For me I will not be looking to swing trade ArkK, and am okay if this ship sails before I get a chance to hop on, so please plan your strategy accordingly. My outlook for ARKK currently is 12-24 months if I get the orders filled at my targeted prices. My 2022 price target for ARKK is $195-215 which will be 2x ROI.
Let me know if you're actively in ARK ETFs and what are some of your targets.
Good luck!
Adding an updated analysis on ARKK today.