NYSE:PLTR Here is a strong one for your watch list. This is perfectly normal action (so far) for a stock to pull back to its breakout area. It is pulling back on declining volume. All this is textbook action.
I will be looking for the resumption of uptrend before I get involved. That could take a day, a week, or more. Patience will be key. I will update this idea if / when it looks to me to get involved. All TBD.
For those interested, the chart set-up I am using is the LevelUp All-in-One Charting Tool here on TV.
Ideas, not investing / trading advice. Comments always welcome. Thanks for looking.
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NYSE:PLTR Continues to consolidate here. Some jumped the gun this morning but those may be institutional buyers looking to hold long term. Even on this 5 min chart selling is at lower volumes than buying. I'd like to see this pullback a little more and settle down for a few day. Lets see what what happens.
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I have opened a 1/2 size position on the 6/20 MACD cross. Stop is tight just below the last 5 min bar. Lets see what happens.
Trade closed: stop reached
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That did not work. I am out for a very small loss. It either went or I was out. Choppy day.
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NYSE:PLTR Has continued to pullback, which I like. I have made a notation on the chart below of the AVWAP from earnings. So far it is hanging right on it. This "could" be an area of support. We will not know that until and unless it moves up from this area. This one is high on my watchlist but I will not buy while it is still moving down.
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Note, on the chart above, volume is still declining as price moves down. This should be a good sign as people are not rushing for the door. If we get a reversal candle from here next week, risk reward will be well defined.
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NYSE:PLTR spent most of the day below the AVWAP from earnings. There is a wide area beginning just below today's range that could be an additional area of support. Bottom line, until it moves up and over the downtrend line in blue, this is a downtrend.
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I just took a small position with my stop just below today's low. It triggered my entry by crossing the downtrend line. Lets see what happens.