Hello traders and investors! Let’s see how PLTR is doing today! Since our last analysis, PLTR did a downwards breakout from the dangerous Trap Zone. Now the trend is bearish, as it should be. Let’s see in detail what’s going on.
First, in the 1h chart, PLTR lost the red line at $ 25.18 by doing a gap (yellow area), which was quite surprising. What’s more interesting is that PLTR retested the red line again as a resistance, along with the 21 ema, on March 17, but the price couldn’t sustain at this level. This is an annoying weakness sign.
Now, the trend is clearly bearish, as we have lower highs/lows and the 21 ema is descending and pointing down. But PLTR has a technical target around the light blue line ($ 22.50). Now, let’s see the daily chart:
The problem with PLTR is that we can’t take a movement like this seriously, as the volume is too low, but it seems the $ 22.50 is indeed the next target for PLTR.
But as long as we don’t see any good reaction, with good volume, the bearish bias will persist. We don’t have a good reaction yet, but now that we are near a support level, is the best time to see one.
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