Ark has been forming a bullish pennant over the last couple of days after hitting the 1.618 Fib level. A breakout could be an opportunity to get a 30% move to the 2.618 Fib level at $2.90. However, there is a strong resistance at the $2.78 level, so it wouldn't be bad to take profits early. A further break would see us go up all the way to previous highs around the $2.40 mark. A good entry would be on breakout and/or on the retest of the pennant.
A break to the downside of the pennant however, would see us fall down to the lower trendline. If that holds it could be an opportunity to take a position.
A break to the downside of the pennant however, would see us fall down to the lower trendline. If that holds it could be an opportunity to take a position.