An update for SPLK.
Price is showing a support at this horizontal dashed line in white.
This could all be contained within the channel in green.
A reversal could occur as suggested in this analysis.
A similar rounded pattern has formed at the red hammer , larger than the first one (red circles)
As the first one did, a large dip has occurred, this is the buy opportunity on this Weekly timeframe
The recovery under the trend line is also a point of entry as price climbs back up to the long term trend line , which I am confident will hodl
Splunk looks like it’s ready to run here.
Formed an inverse head and shoulders pattern on the daily chart.
MACD above 2.5
RSI above 50.
50MA about to cross over the 200MA
Keep this on your watchlist.
- Factor Four
