ARK Innovation ETF Hits Oversold Levels Amid Heavy Selling
On Friday, shares of the ARK Innovation ETF (Symbol: ARKK) traded in oversold territory, reaching as low as $41.02 per share. Oversold territory is defined using the Relative Strength Index (RSI), a technical analysis tool measuring momentum on a scale from zero to 100. A stock is deemed oversold when the RSI falls below 30.
The current RSI for ARK Innovation is 25.3, whereas the S&P 500 has an RSI of 24.3. For bullish investors, the 25.3 reading could indicate that recent heavy selling is nearing exhaustion, suggesting potential buy opportunities could arise soon.
Analyzing ARKK’s recent performance, the ETF has a 52-week low of $36.85 and a high of $68.43, with the latest trade at $41.04. Currently, ARK Innovation shares are down roughly 9% on the day.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
