PLTR Technical Analysis for Oct 24, 2024:
Resistance Levels:
43.49 - 43.68: This zone is a key resistance level where price has previously struggled to break above. If PLTR can push through this range, it may open room for a move towards higher levels. Look for potential bullish continuation above this level, but watch for rejection signals around 43.68.
Support Levels:
42.25: This is a crucial support area. If the price pulls back here, it may provide an opportunity for a bounce. Failure to hold this level could lead to a further decline.
41.62: This lower support should be monitored closely. A break below this level could trigger additional selling pressure, potentially setting up short opportunities.
Trendline:
The upward-sloping trendline is providing support, indicating that PLTR is still in an uptrend on a larger scale. As long as the price stays above the trendline, the bias remains bullish. A break below this trendline would signal potential weakness and a shift in trend.
Volume and Momentum:
Volume shows some bullish momentum, with buyers stepping in after a pullback. However, momentum indicators appear neutral at the moment, suggesting indecision. It’s important to watch how price behaves near key levels for confirmation.
My Thoughts for Tomorrow’s Trading:
For scalpers, focus on quick trades between 42.25 (support) and 43.49 (resistance). If PLTR breaks and holds above 43.49, it may provide an opportunity for a long trade targeting 43.68 and beyond.
For swing traders, consider going long on a retest and bounce near 42.25, or short if price breaks below the 41.62 level.
Stay vigilant for volume spikes and price reactions near these key levels.
Disclaimer:
This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and use proper risk management when trading. Trading involves significant risk, and past performance is not indicative of future results.
43.49 - 43.68: This zone is a key resistance level where price has previously struggled to break above. If PLTR can push through this range, it may open room for a move towards higher levels. Look for potential bullish continuation above this level, but watch for rejection signals around 43.68.
Support Levels:
42.25: This is a crucial support area. If the price pulls back here, it may provide an opportunity for a bounce. Failure to hold this level could lead to a further decline.
41.62: This lower support should be monitored closely. A break below this level could trigger additional selling pressure, potentially setting up short opportunities.
Trendline:
The upward-sloping trendline is providing support, indicating that PLTR is still in an uptrend on a larger scale. As long as the price stays above the trendline, the bias remains bullish. A break below this trendline would signal potential weakness and a shift in trend.
Volume and Momentum:
Volume shows some bullish momentum, with buyers stepping in after a pullback. However, momentum indicators appear neutral at the moment, suggesting indecision. It’s important to watch how price behaves near key levels for confirmation.
My Thoughts for Tomorrow’s Trading:
For scalpers, focus on quick trades between 42.25 (support) and 43.49 (resistance). If PLTR breaks and holds above 43.49, it may provide an opportunity for a long trade targeting 43.68 and beyond.
For swing traders, consider going long on a retest and bounce near 42.25, or short if price breaks below the 41.62 level.
Stay vigilant for volume spikes and price reactions near these key levels.
Disclaimer:
This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and use proper risk management when trading. Trading involves significant risk, and past performance is not indicative of future results.
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.