Oversold: if recovers will gap to $180
As you are no doubt aware, Splunk posted disappointing earning and is up against stiff competition in it’s primary revenue. However, this is a technical analysis to highlight a couple of point aon why I’m watching this stock.
In summary, I think there’s an opportunity here. I’d be uncomfortable taking it without considering their fundamentals, so be sure to do your own due diligence before making a decision.
- Look at the gap! When considering the data from November onwards, we see a huge gap up last month and a huge gap down just last week. That means there’s potentially for a smaller gap back up if the stock stabilizes, accumulates, and tried to breakout.
- Stabilization It’s beginning to stabilize with volume at it’s current level, having good give and take. It’s quite possible it will begin to rise and if so look out above.
In summary, I think there’s an opportunity here. I’d be uncomfortable taking it without considering their fundamentals, so be sure to do your own due diligence before making a decision.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.