Splunk price action indicates bullishness, as SPLK stock holds the gains on the upper side in the bullish zone and ignores the rejections. The bears are still making short positions.
The splunk stock is bullish, and has held onto the gains on the top. Bulls are accumulating and getting ready to cross the $150 mark in the coming sessions. The chart formation shows the bulls’ momentum and signaled a positive outlook on the chart. SPLK stock is aiming to achieve new targets as investors monitor it closely.
The price action shows a strong chart structure with buyers’ dominance. Long buildup activity was noted in the past number of trading sessions. Furthermore, sellers have become cautious due to the vertical rally that trapped sellers in the past weeks.
Splunk’s price was $145.07 and gained 0.44% of its market capitalization during the day’s trading session. The last 24-hour trading volume was 9.189 Million and the last 10 days’ average trading volume is 4.766 Million. This shows that buyers are trying to accumulate in order to surge toward the upper price range.
Technical Analysis of Splunk Stock Price in 1-D Time frame
Splunk stock (NYSE: SPLK) gained 41.78% over the past three months. Currently, SPLK stock is trading at $145.07 and has been trying to hold on to this level after an unexpected surge in price.
Currently, Splunk stock (NYSE: SPLK) is trading above the 50 and 200-day SMAs (Simple moving averages), which are supporting the price momentum.
The current value of RSI is 84.72 points. The 14 SMA is above the median line at 73.93 points which indicates that the Splunk stock is bullish. The MACD line at 6.64 and the signal line at 5.11 are above the zero line. A bearish crossover is observed in the MACD indicator which signals weakness in momentum of the SPLK stock.
Weekly Analysis
Buyers dominate the weekly chart as the price is above key EMAs. RSI curve is near the overbought region at 74; a positive outlook was noted, indicating bullishness in the stock. The MACD shows green bars; a bullish crossover was noted, signaling bullish moves.
Summary
Splunk (NYSE: SPLK) technical oscillators also support the bullish trend. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend is likely to continue. Investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment.
Technical Levels
- Support Levels: $122.00 and $130.00.
- Resistance Levels: $150.00 and $155.00.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/23/splunk-stock-will-splk-stock-reach-180-by-the-end-of-2023/