Palantir Stabilizes Above Old Highs
Palantir Technologies has advanced as investors embrace AI and non-government customers embrace its products. Is its current pullback offering an opportunity?
The first pattern on today’s chart is the pair of rallies after the last two quarterly reports. Those may reflect increasingly bullish sentiment toward the software company.
Second, PLTR jumped to its highest level since September 2021 on March 7. It fell sharply but was unable to remain below a previous weekly low. Does that false breakdown reflect a lack of sellers?
Third, the stock is trying to consolidate above $21.85, its high all of last year. That may indicate investors are comfortable paying higher prices.
Next, the 8-day exponential moving average (EMA) has remained above the 21-day EMA. If that remains the case, traders may view it as evidence of a bullish short-term trend.
Finally, PLTR has held a 50 percent retracement of its move between the March 19 low and the March 21 high. That may confirm an upward move has begun.
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TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
The first pattern on today’s chart is the pair of rallies after the last two quarterly reports. Those may reflect increasingly bullish sentiment toward the software company.
Second, PLTR jumped to its highest level since September 2021 on March 7. It fell sharply but was unable to remain below a previous weekly low. Does that false breakdown reflect a lack of sellers?
Third, the stock is trying to consolidate above $21.85, its high all of last year. That may indicate investors are comfortable paying higher prices.
Next, the 8-day exponential moving average (EMA) has remained above the 21-day EMA. If that remains the case, traders may view it as evidence of a bullish short-term trend.
Finally, PLTR has held a 50 percent retracement of its move between the March 19 low and the March 21 high. That may confirm an upward move has begun.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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