Indicators point to correction underway, but will that stop an ETF which seems to defy gravity ?
A buy may be comming ... LONG after correction completes … IF IT HAPPENS
It appears that we are in a consolidation pattern on ARKG testing both the top and bottom of a range. The market is not taking a direction today so will have to wait to find out whether we go up or down from here.
After yesterday's session, ARKG broke out of the bullish channel into the stratosphere. Skies the limit until the next blow-off-top. PT 100, Stop-loss 91.
ARK funds seem to very well managed. I've been watching this one for a time but decided to be more cautious. I entered late but boy did I just miss out on 20%+!
ARKG broke out of the parallel channel with strong volume (over 110% tan average 10-day volume).
When there is a break-out, the 5sma tends to be a good rule of thumb to follow the short-term trend; and not lose to much if there is a failed breakout.
RSI shows we are still not overbought at 67; but with strong buying.
Using the bottom level of the parallel...
Ark Invest is a fund managed by Cathie Wood. I've been following her for about 5 years. She's probably had the best calls I've seen in the stock market since 2015.
I looked through all of Ark Invest's ETFs this weekend: ARKG (genomics), ARKW (Next generation internet), ARKK (Innovation), ARKQ (Autonomous tech & Robotics), and ARKF (Fintech innovation). ARKG...
I am accumulating a little bit of this ETF as long term play in genome editing and biotech market. I expect solid growth over the next years so moving some of the profits from crypto in it.
Might form a cup and handle on the weekly.
