PLTR Hits Rock Bottom! Will $84 Hold or Break Lower? Feb. 28Technical Analysis (TA) & Price Action
Palantir (PLTR) is trading within a falling wedge pattern, indicating that the downtrend may soon be nearing exhaustion. The stock has reached a critical support zone at $84-$85, aligning with the highest negative NETGEX and significant PUT support.
Key observations:
* Trend Structure: PLTR remains in a downtrend, but a reversal is possible if this key support holds.
* Support & Resistance:
* Major Resistance: $90-$93 (previous breakdown level).
* Key Support: $84 (highest negative NETGEX, strong support zone).
* Breakout Target: $100-$105 if momentum shifts.
* MACD Indicator: Showing continued bearish momentum, but near a potential bullish crossover.
* Stoch RSI: Deeply oversold, suggesting a bounce could be imminent.
Options Flow & GEX Analysis
The GEX (Gamma Exposure) indicator highlights significant PUT dominance, with extreme negative gamma near $84. A break below could trigger a major sell-off toward $80, while a hold at this level could lead to a sharp reversal rally.
* IVR (Implied Volatility Rank): 74.2, with IVx avg at 82.4%, indicating high volatility.
* Call Side Bias: 27.6% of options flow, meaning bullish bets are increasing.
* Key GEX Levels:
* PUT Wall & Key Support: $84 → A breakdown could bring $80 as the next stop.
* CALL Resistance & Upside Target: $90 → A move above this level could send PLTR to $100+.
Trade Plan & Suggestions
📌 Bullish Reversal Setup (Preferred Play)
* Entry: Above $86 with strong volume confirmation.
* Target 1: $90
* Target 2: $100-$105 (Extended breakout target).
* Stop-loss: Below $82
📌 Bearish Breakdown Setup (Hedge Play)
* Entry: Below $83 with strong selling pressure.
* Target: $80 → $78
* Stop-loss: Above $85
Final Thoughts
PLTR is at a high-risk, high-reward level, with $84 acting as the major support zone. If buyers step in, a short squeeze rally toward $90-$100 is likely. However, if selling pressure continues, a break below $84 could accelerate losses toward $80. Watch volume and market conditions closely before making a trade.
📢 Risk Management: Keep tight stop-losses, wait for volume confirmation, and manage position sizing carefully.
🔹 Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and manage risk accordingly before trading.
