PLTR: Will the Bullish Trend Continue? (10/10/2024)
Key Levels:
Resistance:
43.34: This level marks the recent high, which could act as resistance if the price attempts to push upward.
43.02: Slightly below the high, this could also act as a minor resistance level.
Support:
41.21 - 41.45: A potential support zone, as shown by the red lines on the chart, may hold up the price if a pullback occurs.
40.29: This level aligns with previous price action and could serve as strong support if the price drops further.
38.79: A deeper support level, acting as the last significant low in case of a larger pullback.
Trend and Indicators:
Trendline: The upward trend is still intact based on the diagonal line drawn, indicating bullish momentum. However, the price has started to consolidate near the top of the trendline, showing signs of potential exhaustion or a pullback.
MACD: Currently showing a slight bearish crossover below the zero line, which could signal short-term weakness. Keep an eye on whether this bearish divergence continues, as it may indicate downward momentum.
Strategy for Tomorrow:
Bullish Scenario: If PLTR holds above the 41.45 - 41.21 support zone and breaks through the 43.34 resistance, it could signal a continuation of the uptrend. Watch for increased volume to confirm the breakout.
Bearish Scenario: If PLTR fails to hold above 41.21, look for a potential drop towards the 40.29 support level. A break below that could send the price towards 38.79, especially if bearish momentum continues on the MACD.
Disclaimer:
This analysis is for informational purposes only and not financial advice. Always conduct your own research and consider consulting with a professional before making trading decisions.
Resistance:
43.34: This level marks the recent high, which could act as resistance if the price attempts to push upward.
43.02: Slightly below the high, this could also act as a minor resistance level.
Support:
41.21 - 41.45: A potential support zone, as shown by the red lines on the chart, may hold up the price if a pullback occurs.
40.29: This level aligns with previous price action and could serve as strong support if the price drops further.
38.79: A deeper support level, acting as the last significant low in case of a larger pullback.
Trend and Indicators:
Trendline: The upward trend is still intact based on the diagonal line drawn, indicating bullish momentum. However, the price has started to consolidate near the top of the trendline, showing signs of potential exhaustion or a pullback.
MACD: Currently showing a slight bearish crossover below the zero line, which could signal short-term weakness. Keep an eye on whether this bearish divergence continues, as it may indicate downward momentum.
Strategy for Tomorrow:
Bullish Scenario: If PLTR holds above the 41.45 - 41.21 support zone and breaks through the 43.34 resistance, it could signal a continuation of the uptrend. Watch for increased volume to confirm the breakout.
Bearish Scenario: If PLTR fails to hold above 41.21, look for a potential drop towards the 40.29 support level. A break below that could send the price towards 38.79, especially if bearish momentum continues on the MACD.
Disclaimer:
This analysis is for informational purposes only and not financial advice. Always conduct your own research and consider consulting with a professional before making trading decisions.
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.