Splunk Could Have A Ton of Downside Left...
SSPLKShown is the lifetime channel of SPLK Splunk. As shown in the chart, it has been bouncing around near the channesl resistance for some time, and without in any way breaking its pattern could see the Mid 60's-70's. This represents a 40% drop. However, a catch on the uptrend support line and ride back up to the channel resistance represents about a 35% gain. Therefore, from this current position, it is still a watch and wait. If it loses support, I will short on the retest. If it catches convincingly on support, I will go long. I don't like getting in when its in that in-between stage. If you were short today, congrats on the gains. If you are looking to get in, might wanna look elsewhere until we reach key levels. Happy hunting and GLTA!!
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