The pennant is a continuation pattern (of the previous trend) so PLTR may be looking into a move to the upside sometime soon. The price moved up today and headed against the $26 resistance several times. It even broke above it but was not able to stay above that level. However, we closed the day for the second consecutive time above the 14-ema and 21-ema, which is a bullish signal. MACD is curling up and +DI touched -DI and moved back up, which in my experience forecasts a move up. I am watching the moving averages. The longer PLTR holds above them the stronger they become as support. It is important to keep in mind price could also continue sideways when the pennant is completed but if a breakout is confirmed PLTR may be looking into a nice rally.
Safe trades!
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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
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Price squeezed between the stubborn resistance and the moving averages. This coiling of the price may result in an explosive upside if the breakout happens:
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Possible breakout happening right now:
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Keep an eye on the volume.
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If the breakout is confirmed our first resistance zone is between $28.5 and $29.4:
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Strong resistance young padawans. However, strong support from the emas. The battlefield is set. Let's be patient now. May the force be with PLTR:
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The daily still has 4 hrs to close but this is not the type of candle you want to see. A lot of sell pressure. if we break this resistance we go to the moon, otherwise we may need to continue exercising our patience. it doesn't look like the breakout is going to happen today. It could but with this candle it seems unlikely (remember, it doesn't have to happen at all although the bias is bullish).
When would be a good entry point? At the point it breaks out?
Safe_Trades
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@suifengls that’s the textbook way to do it. Safe trades!
suifengls
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@Safe_Trades, was waiting for an entry, but looks like it raised too fast :(
Safe_Trades
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@suifengls, you could enter now with a stop loss under the $26 resistance, which would now flip as support since it was broken. Not financial advise though, just a trading strategy. Do what is best for you.