Is ARK Innovation ETF About To Take On Water? Dual Support Test In Play
Chris Kimble | Mar 31, 2021 10:22AM ET
Red-hot ARK Innovation ETF (NYSE:ARKK) was up nearly 500% over the past year, illustrated in this chart from
It has cooled off a little over the past eight weeks, as it declined nearly 40%.
This decline has it testing its one-year rising channel as well as its 200-day moving average at the same time.
With the trend being up, this is a bullish dual test of support. Until proven differently, this should be a good entry point, following the 40% decline.
If the would happen to break dual support, it could take on water rather quickly.
What this red-hot ETF does at dual support will send an important message to several high-flying stocks that it owns.
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