Splunk Daily Chart.

Shares of Splunk Inc (NASDAQ:) are ripping today. News of a Silver Lake investment is providing the spark.

SPLK has been rebounding nicely since its last report. Heading into this week, the stock had gained 25% from the post earnings close (June 3).

SPLK reached all-time highs in September of last year. At the 2021 May lows, the stock had fallen more than 50% and had reached its deepest oversold reading (weekly MACD) in history. Since the December bottom SPLK has been tracing out a divergent low in the daily MACD indicator.

Volume is running very heavy today. It will be the heaviest upside day for the stock since May of last year (May 22/earnings/+13%).

Note: We have no position.

You can read Gary S. Morrow’s original post here.

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