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Possible Bearish Inside Day Candle Pattern Detected for Splunk Inc (NASDAQ:SPLK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Splunk Inc (NASDAQ:SPLK) based on the price action in the company's shares. Today's price range of $123.78 and $124.20 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Splunk Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Splunk Inc. develops web based application software. The Company provides software that collects, analyzes machine data generated by websites, applications, servers, networks, and mobile devices. Splunk serves customers worldwide.

Splunk Inc share prices have moved between a 52-week high of $143.70 and a 52-week low of $83.69 and are now trading 48% above that low price at $124.20 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.4%.

Splunk Inc (NASDAQ:SPLK) is currently priced 8.7% above its average consensus analyst price target of $113.38. The stock should find resistance at its 50-day moving average (MA) of $127.25, as well as support at its 200-day MA of $117.74.

SmarTrend is monitoring the recent change of momentum in Splunk Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Splunk Inc in search of a potential trend change.

Keywords: bearish inside day candle splunk inc

Ticker(s): SPLK