Textbook volume shelf rejection $PLTRVolume shelf analysis helps us find where buyers and sellers are. A $PLTR volume analysis anchored to december revealed a volume shelf at around 27.00 price point, this was in alignment with a minor key level. As the broke upwards today, it hit a wall of sellers at 27.00 and the price rapidly collapsed. This bounce exhausted some supply, so the next time we visit 27.00, there will be less sellers and the bounce won't be as violent.
Pltranalysis
PLTR thoughts Dec 29 2020iv been patiently waiting for this one to pull back, it has fallen lower than my initial thought of $25, so i am now watching to see if it bottoms in the range indicated on the chart, i suspect that with the RSI being on the over sold level and MacD showing signs of crossing, with the low sell volume on the profile, it'll have an easy recovery towards $26
PLTR break below support 29DEC202029DEC2020 saw a broader market sell-off, unsure if this was larger institutions securing end of year profits or market-wide correction from recent days exuberance.
Monday's market open saw an immediate meltdown and began this bearish channel and Tuesday saw us drip below our $25 support zone. The 9 day MA trading below the 20 day MA suggests to me that this bearish trend will continue in the short term. PLTR is currently bouncing off the lower band and against the upper boundary of my descending wedge, I think the next pop is going to be volatile. With RSI @ 36, we're not quite in the oversold territory. If at market open there's not a lot of buyers, I believe that we'll probably gap down to the $20-$22 range.
To counter my thesis, I'm just an idiot on the internet..... No no, but seriously, one thing to note is that post Xmas volume has been notably lower than our average daily volume; this bearish pattern could be quickly invalidated with some strong buy pressure.
Personally, I think the trend is pointing that we'll finish the year below $25. This doesn't really bother me much because in the near term we have 2 catalysts dates in January and hype leading up to their earnings call on the 11th of Feb.
By no means is this trading advice, I'm simply sharing my thoughts and opinions on the story I think the charts are telling us. I'm still a learning trader and welcome feedback and criticism, feel free to drop a comment.
Possible PLTR short squeeze?On the 30 minute chart, the RSI is 29 indicating PLTR is oversold, the MACD is having a bullish divergence, Bollinger bands are still relatively tight, and volume on the downward move is very low meaning the downtrend is not yet confirmed. Any positive news could be a catalyst for a massive move to the upside. If not, we will likely see PLTR continue to fall to its nearest short-term support at around $21.
PLTR longpltr just broke out above symmetrical triangle, would like to see it close today above 28.20 but nonetheless bullish about the chart and stock despite the credit suisse downgrade, will probably just be averaging up my CB with the dips, lmk what you think
