Cathie Wood’s ARK ETF is forming a bottoming pattern, poised for a breakout, according to the charts

[Pelican Press 0]

Cathie Wood’s ARK ETF is forming a bottoming pattern, poised for a breakout, according to the charts

This is the hidden content, please

• Sign In
• or
• Sign Up

Trends. The 100 number on the chart represents the peak interest in February 2021. Currently, people (in the finance category alone) are only 8% as interested in searching for ARKK now. Price action greatly influences sentiment. ARKK has had a quiet 2024 thus far. It’s down approximately 5% year-to-date and has moved sideways for three months. By comparison, the VanEck Semiconductor ETF (SMH) is up 27% in 2024. With so much deserved attention on semiconductors, it’s no wonder why ARKK has flat-lined recently. Bullish pattern developing However, the ETF deserves our attention from a technical perspective since it could be getting closer to breaking out of a two-year basing pattern. ARKK has tried and ******* to punch through the noted resistance line near $52 various times – most recently in December. So, why is this effort potentially any different? The pullback since the December high has produced a higher low. And as the chart shows, this has prompted a second bullish formation to be constructed – a big cup and handle pattern. Zooming even further out, the big base has taken shape on top of extremely important support: the COVID lows and the 2018 Q4 low point. The bottom line is this: After ARKK’s round trip two years ago, it has formed a potential large base that seemingly most people don’t care about. If a breakout through the two-year base does occur, the odds suggest that it will get traders’ attention once again. One last interesting factoid: Most investors know that Tesla has a big presence within ARKK. It’s currently 8% of the ETF, which ranks No. 2 behind Coinbase at 10%. Did you know that another Magnificent 7 stock is a holding within ARKK, as well? It’s Meta, but unlike many of the key ETFs it is a part of, Metas weight in ARKK is a minimal 1.7% . If nothing else, it’s important to understand what you’re investing in, especially a very active ETF like ARKK. DISCLOSURES: (None) THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.

This is the hidden content, please

• Sign In
• or
• Sign Up

Breaking News: Markets,Markets,Cathie Wood,ARK Innovation ETF,VanEck Semiconductor ETF,business news
#Cathie #Woods #ARK #ETF #forming #bottoming #pattern #poised #breakout #charts

This is the hidden content, please

• Sign In
• or
• Sign Up