PLTR Technical Analysis – October 17, 2024
Current Price Overview:
Ask: 41.82
Bid: 41.81
Last Low: 40.36
Current Resistance: 42.86
Major Support: 40.37
Key Observations:
Trendlines & Price Action:
A descending trendline is visible, which suggests bearish pressure is dominant.
The price is hovering around the 41.82 region, consolidating after a sell-off.
If the 41.62 level (recent low) fails to hold, expect a retest toward 40.37.
Upward breakout potential: A move above 42.86 would signal bulls regaining momentum and could push PLTR toward 43.83 or higher.
Volume Analysis:
Lower volume near the consolidation suggests indecision or a pause in bearish movement.
However, a significant red candle with higher volume earlier indicates sellers were active. Be cautious about further downside unless buying volume picks up.
MACD Indicator:
The MACD histogram shows recent bearish momentum but no extreme divergence.
If the MACD line crosses above the signal line later in the day, a short-term reversal could occur.
Scenario Analysis for End of Day:
Bearish Case:
A breakdown below 41.62 may lead to a drop toward 40.37 support. If sellers dominate, expect a close near this level by day’s end.
Bullish Case:
If PLTR holds 41.82 and reclaims 42.86, we may see a late-day rally with a potential close near 43.50 or higher.
Trading Strategy:
Short Setup:
Enter short if 41.62 breaks with volume, targeting 40.37.
Use 42.00 as a stop-loss to manage risk.
Long Setup:
Consider a long position if the price reclaims 42.86, targeting 43.83.
Set a stop-loss below 41.50 to minimize risk.
Disclaimer:
This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and consult with a professional before making any trading decisions. Trading involves risks, and you may lose more than your initial investment.
Ask: 41.82
Bid: 41.81
Last Low: 40.36
Current Resistance: 42.86
Major Support: 40.37
Key Observations:
Trendlines & Price Action:
A descending trendline is visible, which suggests bearish pressure is dominant.
The price is hovering around the 41.82 region, consolidating after a sell-off.
If the 41.62 level (recent low) fails to hold, expect a retest toward 40.37.
Upward breakout potential: A move above 42.86 would signal bulls regaining momentum and could push PLTR toward 43.83 or higher.
Volume Analysis:
Lower volume near the consolidation suggests indecision or a pause in bearish movement.
However, a significant red candle with higher volume earlier indicates sellers were active. Be cautious about further downside unless buying volume picks up.
MACD Indicator:
The MACD histogram shows recent bearish momentum but no extreme divergence.
If the MACD line crosses above the signal line later in the day, a short-term reversal could occur.
Scenario Analysis for End of Day:
Bearish Case:
A breakdown below 41.62 may lead to a drop toward 40.37 support. If sellers dominate, expect a close near this level by day’s end.
Bullish Case:
If PLTR holds 41.82 and reclaims 42.86, we may see a late-day rally with a potential close near 43.50 or higher.
Trading Strategy:
Short Setup:
Enter short if 41.62 breaks with volume, targeting 40.37.
Use 42.00 as a stop-loss to manage risk.
Long Setup:
Consider a long position if the price reclaims 42.86, targeting 43.83.
Set a stop-loss below 41.50 to minimize risk.
Disclaimer:
This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and consult with a professional before making any trading decisions. Trading involves risks, and you may lose more than your initial investment.
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.