Gotham to the Moon, or will price be grounded by Foundry..?

Updated

has been n an uptrend the last 12 months, all though in a somewhat wide channel. For a company like it is not unusual that there is some volatility in its journey, but the direction has been upwards with a gain of more than 100% in the period. The 50 EMA crossed above the 100 EMA back in February, but more noteworthy, it did not cross back below in June. The stock has since had a steep movement up, with RSI currently at 70 and MACD showing strength. They report earnings on Aug 5, and the last 4 quarters they have been batting a 0.5 average. Point to note is the last Q2 report (which is the quarter to be reported next) was on expectation, as was Q1 this year. Analysts are not over the moon about the stock, but investors are (78% bullish, only 9% bearish according to Yahoo! Finance). This could be a buy the “rumor” not the news, and I feel the stock could push up some more. If not to the Moon, I can see it approaching the upper hand of the channel, around $33-$34. (PS. Sorry for the terrible word play in the heading..).

Comment

PLTR still going strong, approaching target. One false break of the channel to the downside, but the candle (daily) did not close below. Expect further move to the upside, however we might see a slight reversal as it hits the upper level of the channel.

Trade active

PLTR touched $33 ($33.06) yesterday, and then pulled back. I am tempted to close the trade as investor sentiment is changing. PLTR had a red day today, in contrast to most of the market and has also shown at least one if not two Shooting Stars the last two days. This is as you know a bearish signal. I decided to keep it over the weekend, and see how things develop on Monday, to see if it in fact was a pullback. Thread carefully.

Trade closed: target reached

Price crossed $34, target reached.

WeRideAtDawn

Also on:

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.