PLTR Technical Analysis for Nov. 1, 2024Key Levels
Support Levels:
$40.80: This recent low could serve as the nearest support, where buyers may show interest.
$38.03: Further down, this level represents a stronger support if price action sees a steeper decline.
Resistance Levels:
$42.06 - $43.00: This range acts as the immediate resistance zone; breaking through here could signal a stronger bullish move.
$45.06: A key level for medium-term resistance, also aligning with the previous high on the chart.
Price Action and Trends
The current price action shows a downtrend with lower highs and lower lows. However, PLTR has recently seen a slight recovery attempt, with MACD showing a potential crossover, suggesting a possible reversal or bounce.
Entry/Exit Points
Entry: If the price can break and hold above the $42.06 resistance with a surge in volume, it could provide a long entry, with a target towards $43 or higher. Alternatively, if it tests and holds support near $40.80, a long entry may also be considered.
Exit: Look to scale out at $43 and possibly at $45.06 if momentum supports the trade. A break below $40.80 may invalidate a bullish setup.
Additional Thoughts
MACD Crossover: The MACD is showing signs of a potential bullish crossover, which could indicate a short-term upward momentum shift. However, volume confirmation would be crucial for any sustained move.
Volume Analysis: There was a recent increase in sell volume, which may warrant caution. Watch for buy volume to confirm a reversal.
Disclaimer
This analysis is for educational purposes only and should not be considered financial advice. Trading involves risk, and it’s essential to conduct your own research or consult a financial professional.