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PLTR

PLTR: The Unbreakable Bear Trend?Hello traders and investors! Well, PLTR hit our target we discussed last week! And now it is trading slightly below it. If you missed my last public analysis on PLTR, the link to it is below this post. Let’s see how to proceed. In the 1h chart we have a very strong bear trend, but PLTR is doing something new today. For the first time since it hit the green line at $ 27.45 it has been doing lower highs/lows , a typical trait of a bear trend. But today, it seems it is reacting near the support level at the black line at $ 21.07, breaking the lower highs/lows pattern. This is not official, but if PLTR holds it there, and if it breaks the dual resistance area made by the purple trend line and the 21 ema, we could see a reversal ahead. What’s more, this could be a Double Bottom pattern in the 1h chart if it defeats the blue line at $ 23.03. Now, let’s see the daily chart: In theory, PLTR could drop a little bit more, to the red line at $ 20.18, but since it is doing some bullish reaction in the 1h chart, then that’s fine. Also, PLTR is sleeping, as in the past month the volume has been quite low. At some point, it’ll wake up, we just don’t know when. It is a little too soon to say this, but if PLTR defeats the $ 27.41 the bear trend would be officially over, and this is a natural target for PLTR if it triggers the patterns mentioned in the 1h chart. But now it is too soon to trade it, as PLTR is a very dangerous stock and it is in a very delicate situation. Let’s keep PLTR in our radar and wait for a good reaction. If you liked this idea, remember to follow me to keep updated about my daily studies, and please, support this idea if it helped you! Thank you very much!
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by Nathan_The_Finance_Hydra
15
PLTR potential double bottom at MAJOR supportPLTR has had a major downtrend ever since its ATH @$45. I am hoping for this downtrend to break soon and this is why. PLTR has a major support zone around $20 - $22 dollars. ever since November 2020, so we could agree that it is a very well-respected support line. Also, it can be argued that it has formed a bullish falling wedge on the support. Measuring the price and date range of the falling wedge, I am expecting that this falling wedge would break out up to the neckline, where then the double bottom is formed, which is very bullish considering the massive downtrend and how underpriced the stock is. Also looking at the RSI value it is the lowest it has ever been currently at 22. That is not 1, not 2, 3 confirmations including the major support, falling wedge, and RSI value. Which would all indicate an uptrend. This is why I am expecting it to bounce off the major support and form a double top, which is also very bullish, however that is looking too far in the future where things could get unpredictable especially in these market conditions. I am looking forward to the falling wedge to breakout to the neckline and will be buying at this major support. Any questions, or criticism please don't hesitate to comment, as I want to hear what you guys think and if I am doing things wrong. (I am new to TA)
PLong
by oh_my_liquidity
5
PLTR long trade ideaPLTR is coming back down to the bottom of the recent trading range. $23 is a solid support and it is objective to go long here with stop should be placed below the trading range according to your upside target. On hourly chart, bullish falling wedge and oversold on RSI. Just swinging back to the top of the range is well into double digit potential gain. As we all know, trading range do not last forever, eventually it is going to move one way or the other. My strategy is to take a partial position here and if it breaks up, I will add onto my position. Another way I can see myself adding is when it slightly undercut the bottom of the range to shake off weak handed longs and shorts pile in and if it reverses, then it will be a bear trap. That can be the catalyst for next leg up. Have a good trade everyone, T.
PLong
by TK0421