Scalping PLTR today (October 1, 2024)1. Support and Resistance Levels
Immediate Resistance: $37.47 (visible from the recent high).
Immediate Support: Around $37.15 (VWAP point and price consolidation level).
Lower Support: $36.65 (where the volume profile shows significant interest).
2. Volume Profile
There is a high volume node around the $37.00 - $37.20 range, indicating this area could act as both support or resistance in the short term, depending on market direction.
Below $37.00, the next volume support is around $36.65, which could be a target if price breaks down further.
3. EMA Analysis
The 15 EMA (yellow line) and 161 EMA (purple line) appear to be tightly following the price, meaning there's current consolidation or indecision in the market.
Watch for any break above or below these EMAs for scalping opportunities, particularly on the upside above $37.20 and downside below $37.10.
4. Price Action for the Week
Bullish scenario: If PLTR breaks above $37.47, look for the next target around $37.60 - $37.80. A break above these levels could indicate a potential trend continuation.
Bearish scenario: If price breaks below the $37.00 support and volume supports the breakdown, the next target could be the $36.65 level or lower.
5. MACD and Momentum Indicators
The MACD seems to be flattening, which confirms the consolidation. For scalp entries, it’s crucial to wait for momentum shifts as indicated by the MACD crossover or divergences in volume.
Scalping Strategy for Today
Breakout trade: If PLTR breaks above $37.20 with strong volume, consider entering long with a target at $37.47.
Breakdown trade: If price breaks below $37.10 with rising sell volume, consider shorting with a target at $36.65.
Watch the volume profile levels: Price action near these zones can help in determining scalping entries or exits.