Long
Strong technical potential for up to 60% advance
Updated
PLTR was a true market leader back in 2020, but in brutal bear market of 2021-2022 the price was devastated almost by 90% of decline.
While price still is far bellow its all time highs and thus has substantial overhead supply, my technical analysis shows substantial potential for at least one more wave higher in 2023.
Thesis: until price respects and holds its Sep'23 lows 13.6, I expect price to form continue forming the right side and handle of the cup, following by the break-out to 23-28 ideal resistance zone.
While price still is far bellow its all time highs and thus has substantial overhead supply, my technical analysis shows substantial potential for at least one more wave higher in 2023.
Thesis: until price respects and holds its Sep'23 lows 13.6, I expect price to form continue forming the right side and handle of the cup, following by the break-out to 23-28 ideal resistance zone.
Note
Price is acting in accordance with operative interpretation/scenario since the date of publishing.More granular picture:
Until price closes below 21.15, there is possibility for one more low to 17.80 or 50d moving average.
If price will close strongly above 21.15 with accumulations signs it will place probabilities in favour of continuation to next major resistance targets: 23.5-24.5
Note
While wave (iv) suggested on previous update, still remains technically plausible as a part of ending diagonal formation within circled wave v, I am moving my operational count/interpretation to larger wave 4 (previously c.iv) being not finished. Thus, price could be seen as finishing its correction from Jul top, as a running flat formation (rare, but common in instruments with strong internal demand) with 14.8-12.7 being an ideal support zone.
Move above local Dec highs (19.15) would suggest wave 4 has ended and price is on its wave to next larger resistance zone: 25.20-27.30. Move beyond 12.7. would force me to reconsider proposed interpretation.
Note
Today's earnings will be a catalyst to move the stock higher on the way to higher resistance 25-27+ resistance area, or price can test the ideal mid-term support zone: 14.8-12.5I do not gamble on earnings without profit cushion, so I may suggest to take the set-up when and how it unfolds after the earnings and price reaction to it are out.
BGU - buyable gap up with tight range's low risk would be my preference
Делюсь аналитикой и личным опытом работы на финансовых рынках на реальных примерах и результатах, без платных подписок и курсов: t.me/marketartistry
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.