SPLK bullish breakout of falling wedge

Looking for a little more confirmation here.

Thing is this is a good cloud software company with lots of FUD. Good buyout target. Will probably nibble on this soon.

Trade active

Long @ 115.34, stop will be below recent lows @111.90. Should have gone long around there.

Note

Weird the 4-hr chart shows different prices than the daily. Recent bottom was 111.69, might set the stop there. Or just sell half the position and see what happens, as it could re-test 108 or so.

Note

This thing is holding up well during current correction.

Decided I don't like stop losses. Have a price alert @ 110.50

Trade closed manually

OK here's the rundown.
Full position @ 115.34 as mentioned, sold half right away, got scared I guess.
Bought in again @ 120.25 on 1/11 and sold half again @ 122.41 on 1/31. That was the Monday after the major correction the week before.
On Friday WSJ reported buyout offer by Cisco so I sold afterhours for 132.50. We'll see if that was a good idea.

What a wild ride this stock has been. Lowest price during the trade was 105.45. This was a 2 year low, only matched by covid crash 2020 lows.

In retrospect there was nothing bullish about this stock and just saying it's a "SaaS" company is not enough, you need market leadership and positive catalysts for a stock to take off (and who's to say your favorite growth stock won't come crashing back down eventually)

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