ARKW ETF Hits Oversold Levels as RSI Falls Below 30

In trading on Friday, shares of the ARK Next Generation Internet ETF (Symbol: ARKW) dropped into oversold territory, reaching a low of $83.73 per share. Oversold territory is defined using the Relative Strength Index (RSI), a technical analysis gauge that measures momentum on a scale from zero to 100. A stock is deemed oversold when its RSI reading dips below 30.

For ARK Next Generation Internet, the RSI has recorded a reading of 28.9. In contrast, the RSI for the S&P 500 stands at 24.3, indicating that ARKW is not the only ETF facing selling pressure currently.

Bullish investors might interpret ARKW’s 28.9 RSI as a signal that recent heavy selling may be running low on momentum. This could lead some to explore potential buying opportunities amidst the weakening sell-off.

A look at the one-year performance chart reveals that ARKW’s 52-week low is $64 per share, while its 52-week high is $126.12. The last trade recorded was $84.06, reflecting a drop of approximately 7.9% on the day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.