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Trendoscope
Feb 13, 2021 1:38 PM

PLTR - very close to high support zone + oversold on oscilator Long

NYSE:PLTR1D
Palantir Technologies Inc.NYSE

Description

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Last analysis on PLTR was spot on for going long.
  • Can see that price often bounced off 20 RMA
  • Almost at same level as that of last Higher Low
  • Oscillator indicating oversold
  • 30 was strong resistance before last breakout. Which now assumes default strong support.
  • Earnings around the corner

Trade closed: stop reached

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Trend Analysis
Comments
hector158
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I like that setup. Do you believe it can pass $50 If there is an earnings beat?
Trendoscope
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@hector158, Let’s wait and see. My understanding is that chances of going down is pretty slim even if there is earnings miss.
hector158
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@HeWhoMustNotBeNamed, QUESTION, SINCE WE KNOW EARNINGS ARE COMING UP SOON, WHAT ARE THE REASONS FOR IT TO COME DOWN FROM $37-$38.50 THIS WEEK TO A LOW OF $31.35 ON FRIDAY? THESE MOVES MAKE NO SENSE...
Trendoscope
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@hector158, as technical traders, we shouldn’t worry about it much. It is possible that:

1. People are expecting worse outcome in earnings.
2. Whales selling off to push prices down
3. Or may be some leaked info about earnings which others know and we don’t.

Having said that, it won’t make any difference at the end of the day. Even if earnings report are bad, if it is not worse as people expected it to be, price will still go up. I have seen the reverse happening as well. Earnings beat guideline yet still stock dropped a lot. Ex. DOCU in September.

Much safer approach is to not trade a week before and after earnings so that all the induced volatility is gone.
hector158
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@HeWhoMustNotBeNamed, thanks for your input. Greatly appreciated
patch1004
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@hector158, Also, if I may add, there is lockup period expiration 3 days after the earnings, which may have caused this selling pressure this week.
hector158
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@patch1004, thanks patch..
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