PLTR Has Reached Key Upside Levels: Tighten StopsPrimary Chart : Palantir Technologies Inc. NYSE:PLTR on a daily time frame with key Fibonacci Levels drawn as well as support, resistance, the 21-day EMA, and a critical VWAP from the bear-market lows of December 2022
Palantir Technologies Inc. NYSE:PLTR , once a tech darling of the 2020-2021 bull market in equities, has achieved a substantial retracement now of its vicious 2021-2022 bear-market decline. PLTR has been a popular stock ever since going public via a direct public offering, the same type of registered share offering used by NYSE:SPOT and Slack Technologies, LLC, which is now owned by Salesforce. PLTR provides data-analysis and AI technologies to large government agencies, including defense agencies and branches of the military, as well as large corporations.
Despite periods of consolidation—especially from August 1, 2023, to November 1, 2023, PLTR has been in a primary-degree uptrend since its bear market low on December 27, 2022. The uptrend has been mostly strong and supported by the volume-weighted average price anchored to the bear-market low (green), which is shown on the Primary Chart above.
Price has also run into a major long-term Fibonacci level at $20.74. This level is also shown on the Primary Chart in gold. Using a logarithmic scale, this Fibonacci level at $20.74 is a 61.8% retracement of the all-time high to the December 2022 low. Above this level suggests more upside. Below this level suggests either (i) consolidation, or (ii) resumption of the downtrend (if key long-term support levels break decisively).
When plotted on a linear chart, PLTR has also reached (and stalled at) a critical Fibonacci retracement of its entire bear-market decline. This .382 Fibonacci retracement at $20.85 is often where bull flags or bear flags consolidate within a given trend. Some might view this level as a decisive level for the bbear case given that 38.2% of the bear-market decline has been retraced, and therefore, rising above this level would suggest the uptrend has further to climb (e.g., $25.46 at the 50% retracement shown in green below). So this level at $20.74 / $20.85 (whether viewed as a .618 Fibonacci retracement or a .382 Fibonacci retracement) is crucial to monitor.
Supplementary Chart A
This post argues that the primary uptrend looks as though it has become extended. Does this mean the high has been reached for the this particular uptrend? It's not wise to call the end of a primary trend until technical confirmation has occurred. Picking a long-term high is nearly impossible. The negative divergences on weekly and daily time frames are shown in the following charts:
Supplementary Chart B
Supplementary Chart C
Supplementary Chart D
Supplementary Chart E
Supplementary Chart F
So momentum has definitely slowed in this AI / tech / data-analysis name, and negative (bearish) divergences have arisen. At a minimum, this could signal a period of consolidation lies ahead in the first half (1H) of 2024. The supplementary charts show the divergences one should watch carefully. This may provide a reason for bullish position traders and investors to tighten stops. And if key levels snap decisively, such as the $16.36 level or the August 2023 supports at $13.68 or the VWAP (green) from December 2022, then watch for a retest or break of lows.
618fibonacci
XAUUSD, 4hr tf, potential HnS pattern
Looks like price retesting broken ascending trend line. This is also where 61.8 fibonacci located for the recent drop of XAUUSD.
We might see price continue going down to retest 1755 area again.
There is also a possibility price making right shoulder of a HnS pattern.
Sell XAUUSD 1827
Stop loss 1855
Take profit 1755 (2.5R)
Use only 1-2% risk
Good luck
Disclaimer on
SC updated with extension targets .66 .618SC updated with extension targets .66 .618, ive set a TP target at 90 SATs to front run the .66 which comes in at 91 on the extension,
I managed to get in with two orders one at 56 SATs and the other at 59. Trade safe people!!
GBPJPY Local S/R| .618 Fibonacci| Swing High| Low volume|PA Evening Traders,
Today’s analysis – GBPJPY- trading under Local S/R with bearish price action, further downside probable,
Points to consider,
- Price action impulse
- Local S/R Resistance
- .618 Fibonacci & 200 EMA confluence
- Low volume
GBPJPY’s immediate price action is trading under Local S/R, therefore any rallies are considered bearish retests.
Local S/R Resistance is in confluence with the .618 Fibonacci and 200 EMA, adding probability to a bearish retest.
Lower Local S/R is projected target, price breaking below will increase the probability of establishing a lower low.
The volume climax is currently below average, an influx is highly probable when testing key trade locations.
Overall, in my opinion, GBPJPY is a valid short with defined risk, price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work
And remember,
“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory
EURJPY Rising Wedge|Local S/R|.618 Fibonacci|Bearish DivergenceEvening Traders,
Second Analysis – EURJPY – trading in a rising wedge formation where a breakdown is probable.
Points to consider,
- Price Action Bearish
- Local S/R Resistance (.618 Fibonacci Confluence)
- 200 MA immediate support
- Oscillators Divergence
- Volume Declining
EURJPY’s immediate price action is bearish, trading in a rising wedge; this allows us to have a bearish bias on the market.
Local S/R is current resistance which is in confluence with the .618 Fibonacci; price action is likely to respect this level upon first test.
The 200 MA is immediate support, breaking this bearish will make the next trade location the 200 EMA which is in confluence with the .382 Fibonacci.
Both oscillators have a valid bearish divergence, this is indicative of momentum shifting in the immediate term.
Overall, in my opinion, EURJPY is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Win, loss whatever emerges in the short-term, place and manage your next trades untouched, unattached... always keeping your eyes on the long-term picture.”
― Yvan Byeajee
QTUMUSDT Dynamic Resistance| Daily S/R| .618 Fibonacci| 200MAEvening Traders,
Second Analysis – QTUMUSDT- bearish Price Action with consecutive lower highs, a back test of Daily S/R is probable.
Points to consider,
- Bearish Price Action
- Key Dynamic Resistance (200 MA & .618 Confluence)
- Swing Low (Temporary Bottom)
- RSI Respecting Trend
- Stochastics Bearish
- Low Volume
QTUMUSDT is trading with bearish Price Action under key dynamic resistance; this allows us to have a bearish bias on the market. This area is in confluence with the .618 Fibonacci and 200 MA, adding to the probability of a resistance respect.
The swing low is a temporary bottom; price taking it out will make the Daily S/R an immediate target.
The RSI is respecting its trend line, a break will coincide with further downside on the stochastics. The stochastics are currently holding the 50 mid-point with a valid sell cross at current given time.
Volume is currently very low; an influx is probable when testing ley trade locations such as the Daily S/R.
Overall, in my opinion, QTUMUSDT is a valid short with defined risk; Price Action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“It’s OK to be wrong; it’s unforgivable to stay wrong.” -Martin Zweig
TSLA Swing High| Range Low| .618 Fibonacci| Bearish RetestEvening Traders,
Today’s analysis – TSLA- swing high back into range, price action is currently bearish under range high.
Points to consider
- Bearish impulse break
- Range low support
- Range high resistance (bearish retest)
- Stochastics sell cross
- .618 Fibonacci
TSLA’s bearish impulse back into range allows us to have a bearish bias on the market.
The Range low support has been respected, leading into a sizeable bounce. Price action respecting range high will establish a bearish retest.
The stochastics has a valid sell cross coming to fruition, this is indicative of momentum shifting.
Immediate target is the .618 Fibonacci, holding this area will be crucial for the bulls.
Overall, in my opinion, TSLA is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Hope is bogus emotion that only costs you money.” – Jim Cramer
VET Dynamic Resistance|.618 Fib| Swing high|Structural supportEvening Traders,
Today’s analysis – VETUSDT- breaching dynamic resistance with an impulse move, swing high being the immediate target.
Points to consider,
- Local downtrend broken
- Retest confluence (.618 Fibonacci)
- Key dynamic resistance breached (swing high target)
- Stochastics flat
- Volume below average
VETUSDT’s down trend has been breached by taking out its dynamic resistance. This gives us a bullish bias on the immediate trend.
A structural support retest is probable; price is likely to respect this level due to high demand, currently holding the .618 Fibonacci.
The RSI is declining, remaining above 50 will allow for a bullish bias on the market. The stochastics is currently flat; this is an indication of momentum being stored to the upside. Price action must remain bullish for upside target (swing high).
The volume profile is currently below average, an influx will coincide with an impulsive move. Volume needs to be backed up by price action for follow through.
Overall, in my opinion, VETUSDT reaming above structural support will allow for a valid long with defined risk. Price action is to be used upon discretion / management of the trade.
What are your thoughts?
Thank you for following my work!
And remember,
“Trading effectively is about assessing probabilities, not certainties.”
― Yvan Byeajee
BTCUSDT Dynamic Resistance|Bullish Divergence|.618 Fib|PA Evening traders,
Today’s Analysis – BTCUSDT- a probable swing trade, signs of a short term bullish bias as price shows strength, breaking dynamic resistance is a long.
Points to consider,
- PA Demand (.618 Fibonacci Level)
- Dynamic resistance/support converging (Apex)
- 21 MA visual guide
- Oscillators diverging
- Volume below average
BTCUSDT’s price action shows that there is demand below key Fibonacci levels, mainly the .618 level.
This gives us a short term bullish bias on the market as price action shows strength.
The Dynamic resistance and supports are converging; price will have to break out of its apex sometime before 18th July.
The 21 MA can be used as a visual guide for when the breakout occurs, price is likely to trend of it.
Oscillators are both diverging from price; this shows immediate strength in the market, remaining above the 50 level is bullish.
Volume needs to increase upon a breakout, this will help dictate the strength off the move and avoid fake outs.
Overall, in my opinion, BTCUSDT will have a volatile move from its apex. A break of the key dynamic resistance allows for a valid long with defined risk. Any moves are to be backed with increasing volume to avoid fake outs.
What are your thoughts?
Thank you for following my work!
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
