PALANTIR: Extremely overbought. High probability sell to $40.Palantir is vastly overbought on its 1D technical outlook (RSI = 79.771, MACD = 3.330, ADX = 33.075), even the 1W RSI is on extreme levels (80.789) and that alone would be a good enough reason to sell. The picture gets even clearer on the 1W timeframe where the price has almost reached the top of the 2 year Channel Up, having completed a +241.84% rise from the January 2nd 2024 bottom and almost +172.53% rise from the August 5th bottom. Those are the symmetrical rally levels from the December 27th 2022 and May 1st 2023 Lows respectively. The result on that HH rejection was a test of the 0.382 Fibonacci level. That is our target (TP = 40.00).
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Palantirtrading
PALANTIR: Best buy opportunity since January.PLTR is bearish on its 1D technical outlook (RSI = 33.299, MACD = -0.640, ADX = 35.931) as it trades under its 1D MA50 and today reached the 1D MA100 for the first time since February 5th. Even though the 1 year Channel Up still has some downside to bottom on its 1D MA200, this is technically the best buy opportunity since the January 31st low as the 1D RSI entered the 1 year Support Zone. This is the 3rd correction inside this Channel and each leg is -4% shorter, so the current -25% correction from the top is a fair Low to buy. The accumulation at the bottom of those corrective waves has been between 4-6 weeks so the market may take its time to accumulate towards the end of May and then rally aggressively. Fair target, the 1.236 Fibonacci extension (TP = 29.00).
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