Palantir Stabilizes Above Old HighsPalantir Technologies has advanced as investors embrace AI and non-government customers embrace its products. Is its current pullback offering an opportunity?
The first pattern on today’s chart is the pair of rallies after the last two quarterly reports. Those may reflect increasingly bullish sentiment toward the software company.
Second, PLTR jumped to its highest level since September 2021 on March 7. It fell sharply but was unable to remain below a previous weekly low. Does that false breakdown reflect a lack of sellers?
Third, the stock is trying to consolidate above $21.85, its high all of last year. That may indicate investors are comfortable paying higher prices.
Next, the 8-day exponential moving average (EMA) has remained above the 21-day EMA. If that remains the case, traders may view it as evidence of a bullish short-term trend.
Finally, PLTR has held a 50 percent retracement of its move between the March 19 low and the March 21 high. That may confirm an upward move has begun.
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