Nathan_Black

PLTR: These bullish patterns could make it fly again!

NYSE:PLTR   PALANTIR TECH INC
Hello traders and investors! Let’s take a look at how PLTR is doing today!

Since our last analysis, PLTR did a breakout from the points we mentioned, and now it is trying to reverse the bearish sentiment, but it is still looking quite weak. If you missed my last analysis, the link to it is below.

Now, PLTR found a support level at the blue line ($ 22.84), and although it reversed the bear trend seen in the 1h chart, this is not a clear bull trend – it looks more like a congestion.

If PLTR loses this blue line, it’ll also trigger a possible Head & Shoulders chart pattern, and the target would be around the $ 21.07. This blue line is also important because it was the peak between the valleys of the previous Double Bottom pattern, which we discussed in our last study as well.

So, we can assume the blue line is a relevant support level , while the green line at $ 24.45 is a possible pivot point . Let’s see the daily chart for more clues:


If PLTR defeats the $ 24.45 again, it’ll trigger a pivot point in the daily chart , and this could easily reverse the bear trend. If it breaks the $ 27.41, even better, as it’ll trigger a Double Bottom pattern in the daily chart as well, and this will confirm all the bullish signs PLTR could possibly give in smaller time frames. Let's see if PLTR will confirm the bullish idea.

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Comments

I see it bouncing off the resist support line but isn't that a head and shoulder pattern dictating a drop?
+1 Reply
@zumaTech, "If PLTR loses this blue line, it’ll also trigger a possible Head & Shoulders chart pattern, and the target would be around the $ 21.07". IF.

That's why I mentioned this in the analysis.

Either way, trade carefully, Zuma!
Reply
Hail hydra
+1 Reply
@nuddbud, Hey Nuddbud! Nice to see you around!
Reply
Long way to go. I believe Markets will stay relatively stable and wont make much move into the future. plus valuations is extremely high. Great company
+1 Reply
@TheHaq, Couldn't agree more!

Take care, Haq!
Reply
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