Palantir Is Squeezing. Will a Breakout Follow?
Palantir went public to much fanfare almost a year ago. Now after months of doing nothing, the software company may be ready to move again.
The first pattern on PLTR’s chart is the bullish gap following its strong quarterly report (and guidance) on August 12. Since then, prices have stayed above the previous highs and remained in a tight range.
They’ve also started tracking the 200-day simple moving average (SMA), touching that line in nine of the last 11 sessions.
Next, PLTR is attempting to form a bullish inside candle on the weekly chart. MACD has also been rising all month.
Finally, buyers continue to defend the 50-day SMA.
The macro backdrop could also favor PLTR in coming weeks because attention could return to the IPO market and newer companies. Global instability could also draw attention back to its role in counterterrorism and defense spending.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
The first pattern on PLTR’s chart is the bullish gap following its strong quarterly report (and guidance) on August 12. Since then, prices have stayed above the previous highs and remained in a tight range.
They’ve also started tracking the 200-day simple moving average (SMA), touching that line in nine of the last 11 sessions.
Next, PLTR is attempting to form a bullish inside candle on the weekly chart. MACD has also been rising all month.
Finally, buyers continue to defend the 50-day SMA.
The macro backdrop could also favor PLTR in coming weeks because attention could return to the IPO market and newer companies. Global instability could also draw attention back to its role in counterterrorism and defense spending.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.