Long
PLTR Abandoned Baby Setup
A classic textbook example of Abandoned Baby setup could be seen in PLTR.
Technical Analysis:
- Price is currently on a support area
- A candle has pierced through the lower bollinger band with a bullish confirmation candle on the following day
- Stochastic entered the oversold zone have started to reverse
- Strong sign of momentum via relative strength
Generally the Technology sector and Software industry are on a strong uptrend. I do believe the market psychology will bring a positive effect on this stock too.
I personally like this Abandoned Baby setup a lot due to the significant buying volume on both the "baby" candle and the confirmation candle.
However, do take note that the price action had failed to form a higher high & higher low.
Also the stock market is currently on a retracement, which might affect the setup.
Technical Analysis:
- Price is currently on a support area
- A candle has pierced through the lower bollinger band with a bullish confirmation candle on the following day
- Stochastic entered the oversold zone have started to reverse
- Strong sign of momentum via relative strength
Generally the Technology sector and Software industry are on a strong uptrend. I do believe the market psychology will bring a positive effect on this stock too.
I personally like this Abandoned Baby setup a lot due to the significant buying volume on both the "baby" candle and the confirmation candle.
However, do take note that the price action had failed to form a higher high & higher low.
Also the stock market is currently on a retracement, which might affect the setup.
Trade closed: stop reached
Stop loss hit and structure broken. Will be looking for other setup
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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.