Drafting Several Prospects

With the NFL draft coming up this Thursday evening in Nashville, I am reminded of the software and cybersecurity sectors insofar as there being many talented growth "prospects" in each sector. 

Specifically, as we have been noticing with Members in recent videos, there are so many similar charts for names housed in the HACK and IGV ETFs that we were simply waiting to see if all of those attractive base consolidations after prior uptrends would resolve higher yet. 

And even with small caps and biotechnology stealing much of the thunder today as they finally catch a strong bid for the first time in what seems like ages, we ought not dismiss the strength in IGV and HACK. 

I have a few draft picks on my roster at the moment, and want to see if this move has legs before loading up even more. 

One play which intrigues me is Splunk, a name which has seemingly been off the radar for a while now. Note the triangle consolidation within the context of an overall uptrend, as seen on its daily chart, below. 

After topping out on March 1st, SPLK has more than paid its due via a six-to-seven week consolidation. In my view, probing an upside breakout at this point is worth a stab with a protective $127 stop-loss.