Hey guys! PLTR was pretty bearish today, but the big explosion I was waiting after a breakout from the Bollinger bands didn’t occur. This may be because we are already pretty oversold in the 4h chart, and near the 50% retracement.
The movement was very weak, not as expected from a breakout from a distribution. We have another RSI divergence again.
The RSI is at 26 in the 4h chart, and it’ll be hard for it to drop under this level. It is not impossible, though, as it did something similar on the beginning of May.
Although PLTR is a good stock to trade, and it is worth doing it at these levels, it is a good idea to start looking for stocks that are not that correlated to any index. For instance, one of my public trades was on ABT, a stock not so popular which performed very well recently. It might give another chance to buy it again soon. This is a very boring stock, but it is easy to work with it, and you might use leverage if you think it s too slow for your taste. This is a smart use of leverage.
I’ll keep you guys updated on PLTR, but for now, we must wait for our chance here, ok? For now, I think there are better stocks to trade.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
Thanks for the update. I think I have to agree again on PLTR. The recent high of 27.5 and low of 22.25 seems to be the range. I expect at least a 50% in a week's time which is 24.9. The SL is sub 22. Today close holds the key and if we close above 23.5 we can hope for recovery otherwise stay away from this stock is my view. Let us see.
turolin
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@sumankana, I agree with you. I sold off all shares of PLTR between 25.28$ - 26,37$. For me it's time to leave PLTR. Looking again on level 15$-17$.
hushedCamel46886
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@turolin, what makes you say this will fall that low?
turolin
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@hushedCamel46886, for me the next correction of market is "knockings on the door". As @Melissa_Amana says "the Palantir is great company" and I also agree with her.
What worries me is Ark Investment, which holds shares of PLTR at levels 19.50$-23.50$. The other thing that worries me is the breakdown of ARK Investment sub-funds. It sounds a little conspiratorial, but it smells like a Ponzzi scheme or something. But only time will tell, I hope I'm wrong. Watch Tesla (TSLA) behave in the coming weeks. I think till next 3 trading week, for me it touch 540$-550$ where is the support. If the support is broken (I'm sure that will be happen) - the next is panic. TSLA e one of the big % of ARK Investment portffolio. Follows pressure from investors (for cash out) to ARK.
But PLTR is great company with big potential, for long trade. Buy on dip, and take care.
@turolin, That would be a phenomenal price to buy! I hope you are right!
turolin
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@Melissa_Amana, I hope it works! If it happens, it will be my Christmas present :-)
Would it be convenient to say an opinion about the PLUG. I think it will try to form a double bottom $ 17.50-$ 19.50.
You are my clear conscience, my friend! :-* Thank you in advance!
turolin
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@Melissa_Amana, check again 1D chart of ARK Innovation ETF (ARKK), if you want of course. Your TA has always been perfect!
UnknownUnicorn21312077
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@sumankana, TY for ur support, my dear! Yeah, I agree with u. Sooner or later it'll recover, tho, it is a great company. The question is, when to buy it? :)
sumankana
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@Melissa_Amana, Thank you for your reply. Sometimes I wonder why it trades far lower and breaks the ranges made in June to now. Let us give time but and I am a believer of price giving some advance information on fundamentals too. In Jan 2021 we saw a high of 45 and the recent high is 27.5. Already forming a lower high and thankfully not a lower low yet. Hope there is no issue with its fundamentals. As u say we have to be more patient if it breaks $20 too. First, we need to form a base at least on a weekly basis. Remember the recent Low was 17. I wish it does not touch those levels. Thank you