Palantir Getting into the Oversold Zone, Time to Buy?
At a minimum I'm expecting a short-term bounce off the .618 fib. (As I write this it looks like this is happening.)
Based on the wave structure, I see the strong possibility for this to be a potential wave 2 bottom zone. Shares have not traded for a long period of time on the open market and there is less data and wave structure to work with. Assuming the triangle is a a wave 4 and the current all time high marks the top of a wave 5, then 3 waves down to the .618 in the territory of the previous 4th wave is a hot spot for finding support and a potential bottom. Timing nicely is RSI near breaching the oversold territory and MACD showing waning downside momentum.
Long-run the outlook is look positive for growth.
Revenue is growing 40% YoY and its nongovernment private-sector business is growing. For example: Palantir and 3M Expand Relationship to Build Dynamic Supply Chain
finance.yahoo.com/news/palantir-3m-expand-relationship-build-115900826.html
Cathie Wood of ARK Innovation ETF is buying of shares of PLTR recently as the stock has dropped.
fool.com/investing/2021/02/23/cathie-wood-couldnt-stop-buying-these-3-stocks-ark/
Based on the wave structure, I see the strong possibility for this to be a potential wave 2 bottom zone. Shares have not traded for a long period of time on the open market and there is less data and wave structure to work with. Assuming the triangle is a a wave 4 and the current all time high marks the top of a wave 5, then 3 waves down to the .618 in the territory of the previous 4th wave is a hot spot for finding support and a potential bottom. Timing nicely is RSI near breaching the oversold territory and MACD showing waning downside momentum.
Long-run the outlook is look positive for growth.
Revenue is growing 40% YoY and its nongovernment private-sector business is growing. For example: Palantir and 3M Expand Relationship to Build Dynamic Supply Chain
finance.yahoo.com/news/palantir-3m-expand-relationship-build-115900826.html
Cathie Wood of ARK Innovation ETF is buying of shares of PLTR recently as the stock has dropped.
fool.com/investing/2021/02/23/cathie-wood-couldnt-stop-buying-these-3-stocks-ark/
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