Palantir Has PausedPalantir Technologies more than doubled between early May and late July. Now, after a period of consolidation, trend followers may return to the software company.
The first pattern on today’s chart is the rectangle between roughly $13.68 and $16. PLTR chopped in this range for almost eight weeks, but closed above it on Friday. That could make some traders think the shares are ready to start moving again.
Second, prices recently tested and held the rising 100-day simple moving average. Is the longer-term trend pointing higher?
Third, the August and September lows corresponded with a 50 percent retracement of the rally between May and late July. That could suggest more upside remains in the move.
MACD has also started rising, which may suggest that the shorter-term momentum is getting bullish.
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