PLTR: Time to panic? Keep these key points in mind.
Hello traders and investors! Let’s see how PLTR is doing today!
In my last analysis (Feb 02, link below) I presented some reasons why we shouldn’t panic during the massive drop from the $ 44 to the $ 31. Now PLTR is around $ 36 again, trying to resume the bull trend.
First thing to keep in mind: It has a solid support level at the $ 34.04 (is the gap area), and the purple trendline, which worked as a support at least 3 times in the past. So, this is a Dual-Support level. We may see PLTR at these levels if it loses the 21 ema in the hourly chart, something that won’t be easy, given we have a Dragonfly Doji closing above it now.
The 21 ema worked very well for us here, as the price rested above it for 3 days before starting going up again, giving plenty of time for those who were interested in it to buy at a very safe and good price level.
The volume increased again when it started the bullish movement, indicating that there is true buy force here, but with the market showing some weakness, probably PLTR will suffer a little bit as well. It could do a pullback to the 21 ema again, and this wouldn’t ruin the bull trend.
The 21 ema in the daily is getting closer to the Dual-support level mentioned in the hourly chart above, so, the price level around $ 32 - $ 33 is an interesting key point to keep in mind.
Also, PLTR is about to report Earnings next week, so we must watch out, as this surely will bring some volatility. We’ll keep studying PLTR, therefore, remember to follow me to keep in touch with my future updates. The link to some of my previous analyses are below, and please, support this idea if it helped you!
Thank you very much.
In my last analysis (Feb 02, link below) I presented some reasons why we shouldn’t panic during the massive drop from the $ 44 to the $ 31. Now PLTR is around $ 36 again, trying to resume the bull trend.
First thing to keep in mind: It has a solid support level at the $ 34.04 (is the gap area), and the purple trendline, which worked as a support at least 3 times in the past. So, this is a Dual-Support level. We may see PLTR at these levels if it loses the 21 ema in the hourly chart, something that won’t be easy, given we have a Dragonfly Doji closing above it now.
The 21 ema worked very well for us here, as the price rested above it for 3 days before starting going up again, giving plenty of time for those who were interested in it to buy at a very safe and good price level.
The volume increased again when it started the bullish movement, indicating that there is true buy force here, but with the market showing some weakness, probably PLTR will suffer a little bit as well. It could do a pullback to the 21 ema again, and this wouldn’t ruin the bull trend.
The 21 ema in the daily is getting closer to the Dual-support level mentioned in the hourly chart above, so, the price level around $ 32 - $ 33 is an interesting key point to keep in mind.
Also, PLTR is about to report Earnings next week, so we must watch out, as this surely will bring some volatility. We’ll keep studying PLTR, therefore, remember to follow me to keep in touch with my future updates. The link to some of my previous analyses are below, and please, support this idea if it helped you!
Thank you very much.
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