Chart of the Day - Thursday, December 28, 2023

Today’s Chart of the Day was shared by Peter Brandt (@PeterLBrandt). The Ark Innovation ETF ($ARKK) is reaching 20-month highs this week after clearing resistance around $51. $ARKK has been on a roller coaster in recent years. It surged +350% off the Covid lows but gave it all back after peaking in Feb. 2021. It's still down -65% from its peak but has carved out a potential bottom. Peter points out that $ARKK is breaking out of an inverted head and shoulders pattern. It cracked the neckline ($51) last week and continued higher this week. The measured move price target of $73 is roughly +35% higher than today's close.