Shares of Splunk are ripping today. News of a Silver Lake investment( Splunk Surges On Silver Lake Investment, $1 Billion Buyback By Investing.com) is providing the spark.
SPLK has been rebounding nicely since its last earnings report(Splunk stock falls after reporting wider than expected Q1 losses | Seeking Alpha). 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 over 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%).