Since our last analysis, PLTR did a breakout from the points we mentioned, and now it is trying to reverse the sentiment, but it is still looking quite weak. If you missed my last analysis, the link to it is below.
Now, PLTR found a 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 , while the green line at $ 24.45 is a possible . Let’s see the for more clues:
If PLTR defeats the $ 24.45 again, it’ll trigger a pivot point in the , 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 as well, and this will confirm all the signs PLTR could possibly give in smaller time frames. Let's see if PLTR will confirm the idea.
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That's why I mentioned this in the analysis.
Either way, trade carefully, Zuma!
Take care, Haq!