Updated
Palantir - areas of re-entry after sell-off
Palantir's initial shareholder's were recently allowed to exercise their stocks. This resulted in profit taking. A wave of buys after a sharp sell-off resulted. Still, despite the bulls quickly buying at lower prices, the price remains below the positive trendline from Nov 20. The RSI (21-day) is not quite at 50%. A push higher in the price, above the trend line and a positive RSI would confirm that the overall bullish trend is intact. Keen to know what others think. Please leave a comment or link to your own ideas!
Note
After returning to the lower trendline, the price reversed. Palantir continues to sell off. It now needs to hold above 0.618 Fibonacci retracement level, which is a strong support. A break below the 0.618 line could see next levels at around USD 21.07 and 19.80.
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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.