PLTR this morning (10/16/24)Key Observations:
Price Levels:
The current price is near $42.35 with notable support at around $41.54, as highlighted by the
volume profile.
Resistance seems to be around the $43.67 level, with a smaller volume zone just above, suggesting that price could face less resistance on a break higher.
Volume:
There was a notable spike in volume recently, indicating increased interest. However, this may suggest uncertainty as prices haven't decisively moved upward or downward.
Moving Averages:
The short-term moving averages (likely the 9 EMA and 21 EMA) are showing a slight downtrend as price continues to trade below them, indicating a bearish sentiment in the short term.
MACD:
The MACD histogram is showing some bullish divergence, as it has been ticking upwards even though the price has been moving down slightly. This could suggest potential buying pressure or an upcoming reversal.
Volume Profile (Visible Range):
Significant volume is concentrated around the $42.35 - $42.44 zone, which might act as a pivot for price action today.
The Point of Control (POC) is lower near the $41.54 level, which could be tested if sellers gain control. A breakdown below that level could lead to a steeper drop toward $41.15 and lower levels.
End-of-Day Outlook:
Bullish Scenario:
If PLTR can reclaim $43.00 and hold above it, there's a chance it could test $43.67 resistance. Given the relatively thin volume zone above that, a breakout could push the price higher toward the $44.39 zone.
Bearish Scenario:
A failure to hold above $42.00 could see PLTR retest the $41.54 level. A breakdown below this level opens up the possibility of a move toward $41.15 and possibly lower by end-of-day if selling pressure intensifies.
Given the indicators and recent price action, the short-term trend is bearish, but the slight bullish divergence in the MACD suggests a possible reversal later in the session if buyers step in. Keep an eye on the $42.00 zone as a critical level for bulls to defend to avoid a further sell-off.
Disclaimer: The information provided is for educational and informational purposes only and should not be considered financial or investment advice. Always conduct your own research or consult a professional before making any trading decisions. Trading involves risk, and past performance is not indicative of future results.
