$ARKK setting up to attack new high?

$ARKK setting up to attack new high?


June 2023


Alex Cole

$ARKK has been in a “Go” trend since mid May.

However, we recently saw price fail at the horizontal resistance from prior highs. Multiple Go Countertrend Correction Icons (red triangles) warned us that price may struggle to go higher in the short term and as price retreated GoNoGo Trend painted weaker aqua bars.  As that weakness unfolded, GoNoGo Oscillator fell to test the zero line from above and after a few bars we can see that it has found support.  The oscillator has rallied back into positive territory which lets us say that momentum is resurgent in the direction of the “Go” trend.  This has triggered a Go Trend Continuation Icon (green circle) under the most recent price bar.  As price nears resistance again, we will watch to see if the recent positive momentum will give price the push it needs to set a new higher high.

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