PLTR: Decoding the Next Move! Scalping & Swing Trade Plan Dec. 5Technical Analysis & Price Action
* Trend Overview: PLTR has shown volatility with a sharp drop from $72.20 and a quick recovery to the $70 zone, currently consolidating around $69.69. This indicates indecision with potential for a breakout or further correction.
* Support Levels:
* $67.28: Immediate support from previous consolidation.
* $65.65: Strong support aligning with a prior liquidity zone.
* $64.24: Critical support, marking a potential bearish breakdown.
* Resistance Levels:
* $71.31: Immediate resistance; a break above here could target $72.20 and beyond.
* $72.20: Key resistance; breaking this level on volume could lead to a bullish rally toward $74.
Liquidity Zones & Order Blocks
* Liquidity Zone: $67–$68, where significant volume accumulation occurred during recovery.
* Order Block: $69.50–$70.50; a breakout from this range could determine the next directional move.
Scalping Playbook
1. Bullish Setup:
* Entry: Above $71.31 with volume confirmation.
* Target: $72.20 (partial) and $74.
* Stop Loss: Below $70.
2. Bearish Setup:
* Entry: Below $67.28 with a break on heavy volume.
* Target: $65.65 (partial) and $64.24.
* Stop Loss: Above $68.
Swing Trade Strategy
1. Bullish Swing:
* Entry: If PLTR closes above $72.20 with strong volume.
* Target: $74 (short-term) and $76 (medium-term).
* Stop Loss: $70.
2. Bearish Swing:
* Entry: A break below $65.65 with volume.
* Target: $64 and possibly $62.
* Stop Loss: $67.
Thoughts & Projections
* PLTR’s current price action shows potential for a breakout above $71.31 if the bulls maintain momentum. However, failure to hold $67.28 could lead to a bearish reversal.
* The MACD on lower timeframes is curling slightly bearish, indicating caution. Monitor volume closely for confirmation of either direction.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and manage risks responsibly.
