Dr_Chester

PLTR - DOUBLE TOP: LONG --> SHORT

Long
NYSE:PLTR   PALANTIR TECH INC
We see a reversal pattern: "Double top". All the main conditions are met (volumes, uptrend, etc.). Now there is a breakdown of the "Neck" level. The theory tells us that after the breakdown of the "Neck" level, there is often a return movement to the "Neck" level, and then a further fall.

Plus, the drop is now at the 20 EMA (near $20), which often acts as a support level . This increases the probability of returning to the "Neck" level.

In this regard, it is advisable to open the Long to the level of the "Neck" (+8%), then turn over to the Short (+10%).
Trade closed: target reached: Take long 5%, then short 10%. Nice.

Comments

I arrived at the same conclusions with a different analysis. seems highly probable

I also looked at short levels, major level going down to neutral around 23.50 then its way lower so I would assume they would close around those price if it goes down to 23.5. more likely around 25+
+1 Reply
Dr_Chester gulivergg
@gulivergg Yes, good observation! 23.5 - may be a strong support level. But if it also breaks down, then it will be quite a disaster..
Reply
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