Splunk Inc. (NASDAQ:SPLK) Bounce Back On The Cards?

by Tom Carlson | Wednesday, Apr 23, 2014 | 5527 views

Boston, MA, 04/23/2014  (usastockreport) –   Splunk Inc. (NASDAQ:SPLK) made healthy gains on Tuesday after recovering from its previous loss, the stock managed to cover all of its previous day’s losses and closed at $65.74 with a gain of 2.24%.

Splunk Inc. (NASDAQ:SPLK) opened in the green and remained positive during its intraday session to close near its resistance levels of $66.52 which is also its 200 day moving average. The stock is also trading way below its 50 day moving average of $79.19 which is a result of heavy losses in the last month. The stock saw some upside as a result of positive performance by the internet and software stocks.

The stochastic oscillator on the daily charts suggest a positive up move for the stock, the oscillator indicates the curve is on a healthy upward bias and may scale up above 50 levels, this implies the stock may see some healthy gains in the next few trading sessions as the traders may take long positions in the stock at current levels.

The relative strength index also is giving buy signals with a strong upward bias, this implies the stock has a strong potential to recover from its last month’s losses.

From the current levels the stock has a good support around $55.10 levels, on the upside the first resistance at 200 day moving average which is at $66.52 levels, a close above this level could see the stock rally to its next resistance of $75, a long term target for the stock can be pegged at its trend line resistance level of $96.16

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(FIGURE): Daily Chart for Splunk Inc. (NASDAQ:SPLK)

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A report in The Wall Street Journal stated, Splunk Inc. is developing software to help NYAB (New York Air Brake) save nearly $1 billion. The software will help tender safety enhancement for the rail road and proper monitoring and enhance surveillance of various safety parameters

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