$PLTR Bracing for a Reversal?
Following a steep drop in November, the chart is signaling that PLTR may be bracing for a New Year's bullish reversal. Points to note:
1) MACD reversal/breakthrough indicates building momentum
2) The ticker was tracking a descending triangle pattern, established a new support around 17.5/18, and now seems to be trading sideways until a catalyst comes along.
3) Higher monthly volume despite the holiday slowdown indicates ongoing hype, especially from the retail crowd.
In any event, I'm expecting some nice potential upward action from PLTR over January/Feb barring some outlier event like interest rate hikes or another COVID-crunch fueled by Omicron. Will be following closely.
1) MACD reversal/breakthrough indicates building momentum
2) The ticker was tracking a descending triangle pattern, established a new support around 17.5/18, and now seems to be trading sideways until a catalyst comes along.
3) Higher monthly volume despite the holiday slowdown indicates ongoing hype, especially from the retail crowd.
In any event, I'm expecting some nice potential upward action from PLTR over January/Feb barring some outlier event like interest rate hikes or another COVID-crunch fueled by Omicron. Will be following closely.
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