PLTR: TA for tomorrow (10/07/2024)
Price Action
Current Price: Around $39.92
Recent High: $40.29 – This is acting as immediate resistance. A breakout above this level could signal more upside potential.
Volume: Volume has picked up as PLTR moved upward, suggesting strength in the recent uptrend.
Support and Resistance Levels
Immediate Resistance:
$40.29 – A key level. If price holds and breaks above this, watch for continuation toward the next psychological resistance around $41.00.
Immediate Support:
$39.24 – This is a minor support level, close to the current price. If the price pulls back, this level could hold.
Stronger Support:
$37.63 – This is a significant support zone. If the price drops below $39.24, this level could see a bounce, given the recent consolidation and volume in this area.
Major Support:
$36.05 – This is a critical level. If price breaks below $37.63, watch for this zone for a strong reversal.
Entry and Exit Points
For Long (Buy) Position:
Entry: If price breaks above $40.29 with strong volume, a potential entry can be taken for a quick scalp or short-term trade.
Target: Next resistance level around $41.00-$41.50.
Stop-Loss: A stop-loss can be placed just below $39.24 in case of a breakdown.
For Short (Sell) Position:
Entry: If price struggles to break $40.29 and reverses, a short position could be entered around $39.90-$40.00.
Target: Price could drop to $39.24, and further to $37.63 if the support breaks.
Stop-Loss: Set a stop-loss above $40.50.
Direction
The stock is currently in a strong uptrend, with higher highs and higher lows. However, it's approaching a resistance zone. If it can break above $40.29, we could see continued momentum. Otherwise, a pullback towards $39.24 or $37.63 is likely if resistance holds.
If you're looking for a trend continuation, keep an eye on volume tomorrow at the open. A strong push with high volume above resistance would support a bullish bias.
Current Price: Around $39.92
Recent High: $40.29 – This is acting as immediate resistance. A breakout above this level could signal more upside potential.
Volume: Volume has picked up as PLTR moved upward, suggesting strength in the recent uptrend.
Support and Resistance Levels
Immediate Resistance:
$40.29 – A key level. If price holds and breaks above this, watch for continuation toward the next psychological resistance around $41.00.
Immediate Support:
$39.24 – This is a minor support level, close to the current price. If the price pulls back, this level could hold.
Stronger Support:
$37.63 – This is a significant support zone. If the price drops below $39.24, this level could see a bounce, given the recent consolidation and volume in this area.
Major Support:
$36.05 – This is a critical level. If price breaks below $37.63, watch for this zone for a strong reversal.
Entry and Exit Points
For Long (Buy) Position:
Entry: If price breaks above $40.29 with strong volume, a potential entry can be taken for a quick scalp or short-term trade.
Target: Next resistance level around $41.00-$41.50.
Stop-Loss: A stop-loss can be placed just below $39.24 in case of a breakdown.
For Short (Sell) Position:
Entry: If price struggles to break $40.29 and reverses, a short position could be entered around $39.90-$40.00.
Target: Price could drop to $39.24, and further to $37.63 if the support breaks.
Stop-Loss: Set a stop-loss above $40.50.
Direction
The stock is currently in a strong uptrend, with higher highs and higher lows. However, it's approaching a resistance zone. If it can break above $40.29, we could see continued momentum. Otherwise, a pullback towards $39.24 or $37.63 is likely if resistance holds.
If you're looking for a trend continuation, keep an eye on volume tomorrow at the open. A strong push with high volume above resistance would support a bullish bias.
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.