PLTR
Hello everyone! So I recently got the time to learn more about PLTR stock and I am quite bullish on this stock. Despite the fantastic Q3 earnings result, this stock has got beaten down >10% and ARK has loaded up more shares with this dip. In this post, I will be going through my technical analysis on PLTR and why I think a bounce will be due soon.
(Disclaimer: I have a long position in this stock)
1) Price is touching the long-term uptrend line drawn since IPO. It has bounced off nicely once previously on 12th May 2021(Marked red circle)
2) Price is touching the lower Bollinger band and too stretched out with the recent sharp dip
3) Price is hovering around the Fibonacci Retracement level of 0.618 which also happens to be near the uptrend line and lower Bollinger band, giving a cross-confirmation
4) Regular Bullish Divergence can also be spotted on both Daily and 4H timeframe, signaling that a bullish move may be due soon
PLTR is a great stock and if the price does continue to fall, I would expect it to find support at around the $20.5 area as drawn (Marked purple rectangle) which a rough downside of -10.1% as compared to a potential upside of 18.4%, hitting the area of resistance where I would expect the price to be met with selling demand (Marked purple rectangle).
Cheers, just my two cents!