ARKK Innovation ready to Boom?

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Kathy Woods ARKK Innovation fund has been completely beaten down over the course of 2 years, down over 80% from the peak of the 2021 bull market.

After trading in an accumulation zone for many months, we have broken out of the value ranges, as well as the overall consolidation zone marked in the green box, which presented to be a resistance zone that should be turning into support.

Technology and innovation will likely lead the market gains with new developments in AI as well as Crypto that could really send this ETF far above previous highs.

Presently, I would like to see liquidity tapped just above $70, marked on the chart. Before a slight pullback and rip.

We are currently approx 25% away from this zone, which will likely be a take profit zone.

One major confluence for a strong rally for me will be a break and acceptance into the previous range sitting at $75. From there, the range point of control sits a whopping 60%, which could initiate a large move higher.

The anchored vwap from the high may provide some resistance at the moment, I would look for a break and retest as a confirmation that the trend is truly changing here.

As always, only time will tell.

Good luck!

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Another thing to note, when we traded in the distribution pattern at the peak of this stock, we can analyze the range there as well for more confluence on where the ETF may find resistances around $100 at the Value Area Low. Get acceptance above there and all time highs will be likely soon to happen.

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Here is how I plan to structure my entry, and stoploss if we break into the $48 zone, which would then be acceptance in the previous accumulation range, hence bearish.

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Buy zone 1 triggered

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Entry zone 2

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Nice reaction from the anchored VWAP. That price average will be critical from here.

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Respecting technicals