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Trend Radar is an new Tiger Community Official Account going to follow up and publish special movements on special stocks or indexes daily.
We expecting this column of observation to help you be more in-timely and precisely to understand the market and the stock.
Disclaimer: Historical performance of stocks or indices do not represent future trends. The content in this article is only for information exchanges. Investment is risky, opinions are not investment advice directly.
1. $ARK Innovation ETF(ARKK)$ see W pattern breakout on Wednesday.
On Wednesday's trading, we are seeing that $ARK Innovation ETF(ARKK)$ may gaining more favor by market with a jump gap 3.7% rise. $ARK Innovation ETF(ARKK)$ beaut break out over $45.55, seems like a signal of W-Sharp break out.
2. Editor's Notes on W Pattern :
What is the W pattern of share price?
A double bottom pattern looks like a โWโ. This pattern is formed when a stock or index hits two distinct lows at the same level on separate days. The level to which the price falls twice is considered as the support level.
What happens after W pattern trading?
After the formation of the W pattern, traders usually wait for confirmation of the trend reversal before entering into a trade. Confirmation can be in the form of a break above the peak of the pattern, which indicates that the bulls have taken control of the market.
3.Special News of $ARK Innovation ETF(ARKK)$
Cathie Wood's flagship fund, $ARK Innovation ETF(ARKK)$ , performed strongly after the $NASDAQ 100(NDX)$ announced a rebalancing of its constituents.
The $NASDAQ 100(NDX)$ will undergo a "special adjustment" before the market opens on July 24 to address "excessive concentration in the index." How to do it: Index compilers will need to continue to underweight stocks with the largest market caps and overweight stocks with smaller caps.
In this case,index compilers will have to sell some of their holdings. Shares of $Apple(AAPL)$ fell 0.3% on Tuesday, while $Microsoft(MSFT)$ fell 1% and $Tesla Motors(TSLA)$ fell 0.2%. Some holdings in the $ARK Innovation ETF(ARKK)$ are on the rise. $Zoom(ZM)$ was up 2.2%, $Block(SQ)$ was up 2.8% and $UiPath(PATH)$ was up 3.5%.
The $ARK Innovation ETF(ARKK)$ is mostly made up of smaller, yet-to-be-earned tech stocks, including $Coinbase Global, Inc.(COIN)$ , $Roku Inc(ROKU)$ and $DraftKings Inc.(DKNG)$. Of the stocks in the $ARK Innovation ETF(ARKK)$ , only two belong to the "Big Seven," and those two are $Tesla Motors(TSLA)$ and $Meta Platforms, Inc.(META)$ .
4. Other Insights From Twitter
@Puru Saxena pointed ARK Innovation ETF $ARK Innovation ETF(ARKK)$ โprice see 40week MA turned up.
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@TrendSpider : $ARK Innovation ETF(ARKK)$ is loving that $NASDAQ 100(NDX)$ rebalance right about now.
By TrendSpider from Twitter
@Trade Wolf: $ARK Innovation ETF(ARKK)$ targets $59.00 GET-SET-GO time for Cathiewood and the fellow $ARK Innovation ETF(ARKK)$ investors.
By Trade Wolf from twitter
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