PLTR's Breakout Rally: Scalping & Swing Setup for Nov. 11, 24
Palantir (PLTR) has shown a powerful breakout rally, climbing steadily within an upward trend channel on the 1-hour chart. The price action remains bullish, supported by strong volume. However, the stock is nearing the upper boundary of the trend channel, suggesting a potential pause or pullback before continuation.
Price Action Analysis:
Trend Channel:
PLTR is trending upward within a defined channel. The stock is currently approaching the upper trendline near the $59-$60 area, a potential resistance zone.
Watch for a pullback to the mid-channel line around $57-$58, where the 21 EMA provides dynamic support.
Support and Resistance Levels:
Immediate Resistance: $58.88-$60 is the upper trendline resistance. A breakout above could lead to a rapid move toward the next psychological level of $62.50.
Immediate Support: $57-$55 aligns with the mid-channel and EMA support, offering a good area for scalping bounce entries.
Key Level Below: $53.52 is a strong support area to watch for potential dip-buying if the trend breaks down.
Volume and MACD Analysis:
Volume shows healthy buying interest, but keep an eye out for any volume decline on a move higher, which may indicate weakening momentum.
The MACD histogram shows a slight bearish divergence, suggesting a possible consolidation or minor pullback before the next leg up.
Scalping Opportunities:
Long Scalp Entry: Consider entering long near $57 with a tight stop below $56, aiming for a quick push back to $59-$60 resistance.
Short Scalp Entry: If it struggles at $59-$60, a short scalp targeting the $57 support level could offer a quick profit.
Swing Trade Ideas:
A strong breakout and close above $60 could signal a swing trade toward the $62.50 target.
A breakdown below $55 could open the door for a swing trade to the downside, targeting the $53.52 support level.
Disclaimer:
This analysis is for educational purposes only and not financial advice. Always conduct your own due diligence before making trading decisions.
Price Action Analysis:
Trend Channel:
PLTR is trending upward within a defined channel. The stock is currently approaching the upper trendline near the $59-$60 area, a potential resistance zone.
Watch for a pullback to the mid-channel line around $57-$58, where the 21 EMA provides dynamic support.
Support and Resistance Levels:
Immediate Resistance: $58.88-$60 is the upper trendline resistance. A breakout above could lead to a rapid move toward the next psychological level of $62.50.
Immediate Support: $57-$55 aligns with the mid-channel and EMA support, offering a good area for scalping bounce entries.
Key Level Below: $53.52 is a strong support area to watch for potential dip-buying if the trend breaks down.
Volume and MACD Analysis:
Volume shows healthy buying interest, but keep an eye out for any volume decline on a move higher, which may indicate weakening momentum.
The MACD histogram shows a slight bearish divergence, suggesting a possible consolidation or minor pullback before the next leg up.
Scalping Opportunities:
Long Scalp Entry: Consider entering long near $57 with a tight stop below $56, aiming for a quick push back to $59-$60 resistance.
Short Scalp Entry: If it struggles at $59-$60, a short scalp targeting the $57 support level could offer a quick profit.
Swing Trade Ideas:
A strong breakout and close above $60 could signal a swing trade toward the $62.50 target.
A breakdown below $55 could open the door for a swing trade to the downside, targeting the $53.52 support level.
Disclaimer:
This analysis is for educational purposes only and not financial advice. Always conduct your own due diligence 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.