Investors seem conflicted regarding the popular ARK Innovation ETF of Cathie Wood, which is wound up in a tight consolidation phase in an apparent tug-of-war between buyers and sellers. From a technical perspective, we believe demand will ultimately overwhelm supply for the ETF, allowing for
has a short-term oversold upturn that favors a breakout from the triangle consolidation pattern. This would occur above $46 in a positive short-term catalyst, although two consecutive closes above the 50-day moving average would also show improved short-term momentum. The consolidation phase in itself has a promising upturn in the weekly stochastics, associated with the recovery in software stocks. This suggests the path of least resistance is higher, particularly with important support nearby per the weekly cloud model. By definition "support" is a place of potential buying pressure, so it is a natural place for
, we would consider managing risk through a stop-loss discipline, reducing exposure in the event the consolidation phase resolves to the downside below $42. On the upside, the first major resistance is near $54, but we would reevaluate momentum gauges near the psychologically significant $50 level. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here .
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CoinDesk - 🏆 291. / 63 Read more »
Source: TheBlock__ - 🏆 464. / 53 Read more »
Crypto Biz: ARK drops bid for spot Ether ETF, miners adapt after halving, and moreInvestment firm 21Shares filed with the Securities and Exchange Commission late on May 31 to remove ARK Invest from its proposed spot Ether ETF.
Source: Cointelegraph - 🏆 562. / 51 Read more »