ARKK: The Bullish Chart Position

$ARK Innovation ETF(ARKK)$ First a breakout from a multi year base, now a retest of the breakout level as support. I shared ARKK as my preferred melt-up trade through 2024, and now I see the product as preferable to capitalize on a short term bounce.

I’ve been trading long ARKK consistently through the second half of 2024 with a simple condition— as long as price is above the 50-day it is bullish. This was lost in early February and put a pause on the trade.

While it is unclear to me if the broader market is ready to resume its uptrend— in the immediate term I favour a bounce in the broader market; a rally to rejection or new highs— to be determined.

I think ARKK’s chart position makes for a good short time duration trade (1-2 weeks)— if the broader market reclaims bullish characteristics this trade duration can extend then.

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