Hello traders and investors! Let’s see how PLTR is doing today!
In our last study, PLTR was looking great, but the Gift pattern didn’t work this time, and now it is just heading to the next support levels. Now, we have a short-term bear trend in the 1h chart, and no reaction sign ahead.
The only way PLTR could reverse this bearish sentiment would be if it does a bullish structure, like a bullish chart pattern, or triggers a pivot point.
The $ 22.06 is a nice support level, and if PLTR closes above it tomorrow, the market may see a false breakout form a support level, but it seems this is not going to happen, and PLTR will seek the next support at $ 21.07.
Now, let’s see if the daily chart offers more clues:
The interesting thing here is that PLTR is dropping in the past few days, but the volume has been decreasing too. This shows exhaustion form the bears, and any bullish reaction will be more than enough to reverse this trend.
The $ 24.45 is a resistance to be defeated in order for it to seek the gap at $ 31.34. In the worst-case scenario PLTR will seek the support at the red line again.
Remember to follow me to keep updated about my daily studies, and if you liked this idea, please, support it!
Hi Nathan,
regarding the overall tech stock market, which includes PLTR, at this point I am very pessimistic and
therefore wouldn't be surprised if the red support line at $20,18 won't hold the expected downside pressure
that will come soon (only chance that this does not happen would be no more upside for interest rates, which
is very unlikely to happen). Regards
Nathan_Black
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@foxbelex, This could be true, especially if the NDX keeps dropping. But maybe the $ 20.18 will be a floor for PLTR in the next few days, who knows.
Let's calmly wait for more signs.
Thanks, Fox! I always appreciate your support.
M_Asim_Qamar
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like you analysis and hope it all clear to go up soon, with ER coming
Nathan_Black
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@M_Asim_Qamar, Thanks, Asim! I appreaciate your support, my friend!
Take care.
M_Asim_Qamar
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@Nathan_Black, I found you on Twitter -keep up the good work