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Splunk Is Charting a Long-Term Bottom and Short-Term Trigger

A set of similar reversal patterns have formed on both the weekly and daily charts of the analytical software company, Splunk (SPLK) , suggesting the stock has formed a bottom and is ready to move higher.

The weekly chart shows the extreme volatility the stock has experienced since it became publicly traded in 2012, first rising sharply in 2013 before forming a high wick candle early in 2014 that marked the all-time high and then dropping from over $100 to just $40 in four months. It was able to hold the $40 level and begin making a series of higher highs and higher...