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Technical Analysis: Spear Alpha ETF Consolidation Signals Next Break Ahead As Nvidia Trades Near All-Time Highs – Spear Alpha ETF (NASDAQ:SPRX)




Insightful Analysis: Spear Alpha ETF Prepares for Next Move Amidst Nvidia’s Record Highs

Overview of Spear Alpha ETF

The Spear Alpha ETF (SPRX) remained flat on Wednesday, trading within a narrow range of $22.60 to $24.50 on low volume. This actively managed fund provides exposure to various cutting-edge industries, outperforming Ark Innovation ETF (ARKK) in year-to-date returns.

Current Market Trends

Stocks within the fund, including NVIDIA Corporation (NVDA) and Zscsaler, Inc (ZS), have been soaring, hinting at investor optimism. NVIDIA, the fund’s largest holding, surged 85% this year, with Zscaler, Inc jumping 193% before retracing. Other popular stocks in SPRX’s portfolio include Advanced Micro Devices, Inc (AMD), Snowflake, Inc (SNOW), and Shopify, Inc (SHOP).

Technical Analysis of SPRX

After hitting an all-time high on Feb. 12, SPRX experienced a downtrend, retracing 11.96% until March 19. However, the fund recently rebounded, forming a possible double-bottom pattern. A new uptrend will be confirmed if SPRX surpasses the high of $24.02 reached on March 21.

  • Decreasing volume during the retracement signals healthy consolidation in SPRX.
  • A break to a new high may attract significant bullish volume.
  • Bearish traders are eyeing a drop to a new low with increased volume to negate the double-bottom pattern.
  • Key resistance levels for SPRX are at $23.50 and $24.47, with support at $23.06 and $22.78.

Investors are keenly watching the fund’s movements as it navigates the current market dynamics.


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