SPLK in danger of correction
Splunk, recently downgaded to a sell, shows a stiff resistance at the $223 level. Two days in a row, it had tried to break this level, and both times it was rejected and sent back down. Notice a couple of Dojis on the pattern on the uptrend, usually signaling a reversal, we then look for an area of value, which we now have.
Support Levels at the 20MA, 50MA, and 100MA at $200, $194, and $180
Technically, although harder to see this, and more unlikely, there is a bullish pattern in play, if the stock makes it above the $225 mark, a reverse heads and shoulders pattern to play out in the short term.
Support Levels at the 20MA, 50MA, and 100MA at $200, $194, and $180
Technically, although harder to see this, and more unlikely, there is a bullish pattern in play, if the stock makes it above the $225 mark, a reverse heads and shoulders pattern to play out in the short term.
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