PLTR formed a pennant; possible breakout soon
Updated
The pennant is a continuation pattern (of the previous trend) so PLTR may be looking into a move to the upside sometime soon. The price moved up today and headed against the $26 resistance several times. It even broke above it but was not able to stay above that level. However, we closed the day for the second consecutive time above the 14-ema and 21-ema, which is a bullish signal. MACD is curling up and +DI touched -DI and moved back up, which in my experience forecasts a move up. I am watching the moving averages. The longer PLTR holds above them the stronger they become as support. It is important to keep in mind price could also continue sideways when the pennant is completed but if a breakout is confirmed PLTR may be looking into a nice rally.
Safe trades!
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***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
Safe trades!
***If you get anything out of this TA, please like and follow for future updates and more TA. Thanks a lot!***
***THE IDEAS SHARED HERE ARE MY OPINION. THIS IS NOT FINANCIAL ADVISE TO PLACE TRADES. PLEASE DO YOUR OWN RESEARCH AND ANALYSIS BEFORE BUYING/SELLING STOCKS.***
Note
Price squeezed between the stubborn resistance and the moving averages. This coiling of the price may result in an explosive upside if the breakout happens:Note
Possible breakout happening right now:Note
Keep an eye on the volume.Note
If the breakout is confirmed our first resistance zone is between $28.5 and $29.4:Note
Strong resistance young padawans. However, strong support from the emas. The battlefield is set. Let's be patient now. May the force be with PLTR:Note
The daily still has 4 hrs to close but this is not the type of candle you want to see. A lot of sell pressure. if we break this resistance we go to the moon, otherwise we may need to continue exercising our patience. it doesn't look like the breakout is going to happen today. It could but with this candle it seems unlikely (remember, it doesn't have to happen at all although the bias is bullish).Note
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