This is the most clickbait-title i've ever used but guess what, there's a reason for it! Palantir Technologies (PLTR) is the november stock that made everyone rich (except me). But i got something for you: there is a decent chance for another pump towards our previous high. So we might be able to lock in another 20%-30% profit (if just buy the stonk :-)).
PLEASE BE CAREFUL: We can see a divergence with the price action and the MACD/RSI, which means that the price has been moving up, but many people obviously took some profit (or simply switched over to GME). A STOP LOSS IS MANDATORY IF YOU TRADE THIS STOCK!
Everything is explained on the chart. Here are some levels that might be important for you
Enter below $27.50
Place your Stop Loss $23.60
Target $33.00 and secure your first profits
This is not a financial advice. cheers fellow autists
@ofekag, you can see how the price got rejected at the same trendline that supported the move before (click in the play button). This was a few moments before market close so will have to wait for tomorrow opening. It strongly depends on the rest of the markets performance as well. Today started red. The same thing tomorrow could possibly trigger your Stop-Loss.
But for now, you're fine. Keep your eyes on the market and even if your Stop gets triggered - there are many other great opportunities here.
good luck!
davisrhodes13
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Or is that horizontal support what you are looking to prevent breaking to hit the trend up? Appreciate your reply as I learn to read all the technicals! Thank you.
ARESABI
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@davisrhodes13, feel free to ask as many questions as your want. That's the most efficient way to learn.
Always look for a horizontal supports/resistances to verify important levels in case of strong moves like a sudden pump or a heavy sell.
The price tends to bounce of these levels and establish a new trend OR the price breaks through the level (which results in evaluating a new idea).
What you talking about is most likely the trendline that also forms the broadening structure.
You usually look for as many confirmation points as possible when you draw a trendline. My trendline had only 2 confirmation points and was kinda inaccurate but
acted as a resistance again right before the market closed.
Conclusion: write as many trendlines as you can and consider each levels. I only use a few trendlines on the chart above for the aesthetics.
The more important level now is the horizontal support.
davisrhodes13
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@ARESABI, Thank you! Hope this holds true! I can't believe it's not getting more traction with Operation Warp Speed to kick off in less than 10 days!
davisrhodes13
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still thinking the same with slightly lower marks?