PLTR: Will Support Hold for Tomorrow. (10/15/2024)
Key Levels and Observations:
Support Levels:
$42.63: This level continues to be a strong support, with the price respecting it multiple times. If it breaks, the next support to watch would be around $41.19.
$43.00: A minor support level that aligns with the current consolidation. If this holds, it could provide a good entry point for an upward move.
Resistance Levels:
$44.39: This is the same upper resistance zone from the previous analysis. It remains a key target for bulls if PLTR breaks higher. Any strong momentum above this level could lead to a push toward the $45 area.
Trendline:
There’s a clear ascending trendline providing additional support. Price currently sits close to this trendline, so any break below it could signal a bearish reversal or deeper pullback toward $42.63.
Volume and MACD:
Volume appears to be declining, indicating that the stock is consolidating. Watch for a volume spike in either direction to confirm a breakout.
The MACD is still in a neutral range, with little momentum. It would be important to watch for any crossovers or divergence to confirm a directional move.
Trading Plan for Tomorrow:
Bullish Scenario:
If the price stays above $43.00 and reclaims $43.50, watch for a potential move toward $44.39.
Entry: Above $43.50.
Target: First target $44.39, second target $45.00.
Stop-loss: Below $43.00.
Bearish Scenario:
A break below the ascending trendline and $43.00 could indicate a drop toward $42.63 or lower.
Entry: Below $43.00.
Target: First target $42.63, second target $41.50.
Stop-loss: Above $43.50.
Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and consult with a financial advisor before making any trading decisions. Trading involves risk, and past performance is not indicative of future results.
Support Levels:
$42.63: This level continues to be a strong support, with the price respecting it multiple times. If it breaks, the next support to watch would be around $41.19.
$43.00: A minor support level that aligns with the current consolidation. If this holds, it could provide a good entry point for an upward move.
Resistance Levels:
$44.39: This is the same upper resistance zone from the previous analysis. It remains a key target for bulls if PLTR breaks higher. Any strong momentum above this level could lead to a push toward the $45 area.
Trendline:
There’s a clear ascending trendline providing additional support. Price currently sits close to this trendline, so any break below it could signal a bearish reversal or deeper pullback toward $42.63.
Volume and MACD:
Volume appears to be declining, indicating that the stock is consolidating. Watch for a volume spike in either direction to confirm a breakout.
The MACD is still in a neutral range, with little momentum. It would be important to watch for any crossovers or divergence to confirm a directional move.
Trading Plan for Tomorrow:
Bullish Scenario:
If the price stays above $43.00 and reclaims $43.50, watch for a potential move toward $44.39.
Entry: Above $43.50.
Target: First target $44.39, second target $45.00.
Stop-loss: Below $43.00.
Bearish Scenario:
A break below the ascending trendline and $43.00 could indicate a drop toward $42.63 or lower.
Entry: Below $43.00.
Target: First target $42.63, second target $41.50.
Stop-loss: Above $43.50.
Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and consult with a financial advisor before making any trading decisions. Trading involves risk, and past performance is not indicative of future results.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.