On the 3rd of November Ark broke above the downtrend , and then above the 200 Moving Average. Clearly, the price started to produce higher highs and higher lows and stayed above the 200 MA consistently.
Looking at the Fibonacci, applied to the corrective wave after the downtrend breakout, the 127.2% and 327.2% resistance levels were penetrated and then acted as support. Yesterday Ark rejected the 327.2%, that is $3.8 and immediately produced an all-time high, hitting $4.95.
As the trend remains a continuation of it should be expected. First upside target is seen at $6.2, that is where two Fibonacci are inline with each other. 827.2%, and 161.8% Fibs applied through Sep - Nov corrective wave down. Only a break and close below the $2.8 could invalidate outlook.
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