Palantir to plunge 40% ??
Updated
In seven days from now Palantir will publish their not so hot earnings report.
How can I know this?
The chart.
On the above 6 day chart price action has rallied a massive 600% in 24 months. A number of reasons now exist to be short. They include:
1) Support and resistance. Both price action and RSI are at resistance.
2) Price action support has failed. See daily chart below.
3) The Bollinger Band (red arrows). Explosive moves in price action eventually reach exhaustion. This is first indicated by the Bollinger band as the mouth curls inwards. This is a strong indication of a trend reversal.
4) The 40% correction is derived from past resistance, which has never confirmed as support. It is also a significant Fibonacci level.
Is it possible price action breaks resistance and continues to climb? Sure.
Is it probable? No
Ww
Trend breakout on daily
How can I know this?
The chart.
On the above 6 day chart price action has rallied a massive 600% in 24 months. A number of reasons now exist to be short. They include:
1) Support and resistance. Both price action and RSI are at resistance.
2) Price action support has failed. See daily chart below.
3) The Bollinger Band (red arrows). Explosive moves in price action eventually reach exhaustion. This is first indicated by the Bollinger band as the mouth curls inwards. This is a strong indication of a trend reversal.
4) The 40% correction is derived from past resistance, which has never confirmed as support. It is also a significant Fibonacci level.
Is it possible price action breaks resistance and continues to climb? Sure.
Is it probable? No
Ww
Trend breakout on daily
Trade active
domp etNote
Earnings day has arrived.
Looking for a move to 43-45 area.
After that, black run without fun, all ice.
Note
Earning spike a little higher than expected. Use it for exit liquidity, don't let the euphoria take over.Note
hopefully the wiser among you cashed in...
BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy
Weblink: patreon.com/withoutworries
Allow 3-6 months on ideas. Not investment advice. DYOR
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