Looking to watch PLTR and go potentially long here. I'm leaning toward the bull case, as we have already seen some downside over the last couple
of trading sessions. I'm Starting to build a position here.
Cases For:
1) Support zone; sitting in a support zone after a large bull run. This is logically and reasonably were we will build support to start
to go higher.
2) Earning, With earning coming up it is possible that we will see a run up.
3) MACD, MACD is starting to turn from bearish to bullish. If it gets a crossover on the hourly we can expect the buying to continue.
4) RSI, While RSI is in the lower bound. It is coming off a multi-day cool down period of the last bullish move. Will need to confirm that
it start to climb back to the 50 and above.
Cases Against:
1) Volume, Volume has dropped over the last few days. Not a bullish sign.
2) Larger Time Frames, the Larger time frames seem to show potentially more risk coming in.
3) Earnings, With earnings coming up might be a trigger to run back to the previous consolidation zone.
We should see consolidation between 32.50 and 34.78 over the coming days.
If we drop below 30 we can reject the bull case and go with the bear case.
Bullish Targets:
T1: 36.90 -- Previous Support/ Now Resistance
T2: 40.00 -- Psychological Even Number
T3: 43.77 - 45.00 -- Previous Highs. Will now be a psychological resistance zones.
Bullish Stops:
S1: 30.00 -- Might run lower and retest the previous consolidation zone. If you bought at the higher ranges might be an exit point.
of trading sessions. I'm Starting to build a position here.
Cases For:
1) Support zone; sitting in a support zone after a large bull run. This is logically and reasonably were we will build support to start
to go higher.
2) Earning, With earning coming up it is possible that we will see a run up.
3) MACD, MACD is starting to turn from bearish to bullish. If it gets a crossover on the hourly we can expect the buying to continue.
4) RSI, While RSI is in the lower bound. It is coming off a multi-day cool down period of the last bullish move. Will need to confirm that
it start to climb back to the 50 and above.
Cases Against:
1) Volume, Volume has dropped over the last few days. Not a bullish sign.
2) Larger Time Frames, the Larger time frames seem to show potentially more risk coming in.
3) Earnings, With earnings coming up might be a trigger to run back to the previous consolidation zone.
We should see consolidation between 32.50 and 34.78 over the coming days.
If we drop below 30 we can reject the bull case and go with the bear case.
Bullish Targets:
T1: 36.90 -- Previous Support/ Now Resistance
T2: 40.00 -- Psychological Even Number
T3: 43.77 - 45.00 -- Previous Highs. Will now be a psychological resistance zones.
Bullish Stops:
S1: 30.00 -- Might run lower and retest the previous consolidation zone. If you bought at the higher ranges might be an exit point.