PLTR Detailed Technical Analysis for Tomorrow (10/4/2024)Price Action Overview:
PLTR is showing strong bullish momentum, breaking above previous resistance levels. It is currently trending higher with a clear bullish push as indicated by the volume and the steady price action above the breakout level of $37.64. The stock is moving in an uptrend, and the recent price action suggests that the bulls are in control.
Key Support Levels:
$37.64 - $37.49: The previous resistance level, now turned into short-term support. If the stock pulls back, this area could act as a solid support for a continuation upward.
$36.39: A major support level just below. If price breaks below $37.64, this is the next level where buyers might step in.
$36.06: The low point from previous sessions. If the stock retraces further, expect a test of this level.
Key Resistance Levels:
$39.45 - $39.50: This is the next resistance area to watch, which may act as a barrier for the bulls. If price reaches this level, it may face selling pressure, but a break above this could push PLTR toward higher levels.
$40.00: A psychological resistance level. This round number will be key if PLTR continues its bullish run, as it can attract more attention from traders and investors.
Entry/Exit Points:
Entry (Bullish): A clean breakout above $39.45, with strong volume, could offer a good entry point for a potential push toward the $40.00 mark or higher.
Entry (Bearish): If the stock fails to hold above $37.64 and drops below this support level, a short entry could be considered, targeting $36.39 or lower.
Exit (Bullish): For those entering around $39.45, consider taking profits near $40.00 or higher if bullish momentum sustains.
Exit (Bearish): If shorting below $37.64, take profits near the $36.39 or $36.06 levels, depending on price action.
Directional Suggestion:
Bullish Bias: The current momentum and break above key resistance levels indicate a bullish bias. A continuation upward looks likely, with targets around $39.50 - $40.00. However, look for confirmation of a breakout above $39.45 for further upside.
Bearish Scenario: A failure to hold above $37.64 could see a pullback toward $36.39 or lower, which may present a short opportunity. Watch for declining volume and weaker price action to confirm this scenario.
