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PLTR trade ideas

PLTR Technical Analysis for Tomorrow Oct 21, 2024Descending Trendline Break: I can observe that PLTR recently broke out of a descending trendline, indicating a potential shift from bearish to bullish momentum. This breakout suggests that buyers are regaining control, at least in the short term. After the breakout, the price is trending upward steadily, moving away from the previous resistance, now turning it into potential support. Support and Resistance Levels: 42.68 and 42.99: These levels could act as key resistances in the near term. If price breaks above 42.99, it may target the 44.39 level. 41.66: Now serving as a support zone after the breakout. It’s critical that price stays above this level to maintain bullish momentum. 42.00: A psychological level acting as a midpoint and soft support; any rejection from resistance might find buyers here. Order Block and Volume Analysis: There's a green order block zone near the recent breakout, indicating prior accumulation. If price retraces to this zone (~41.50-42.00), it could attract more buyers. Volume hasn’t significantly spiked after the breakout, hinting at a need for further confirmation. Watch for increasing volume on the next upward push to validate bullish continuation. MACD Indicator: The MACD histogram is printing small positive bars, suggesting that bullish momentum is building, albeit slowly. The signal lines are above zero but flat, which indicates a neutral momentum. This could mean the stock is either consolidating before another push higher or losing strength. Possible Scenarios: Bullish Case: If PLTR clears 42.99 convincingly, it will likely test 44.39, a previous key resistance. Bearish Case: If PLTR fails to hold above 41.66, the stock could revisit the 41.00–40.36 zone for support. Breaking below 40.36 could shift the trend bearish. My Thoughts & Strategic Viewpoint: This breakout from the descending trendline looks promising for bullish traders, especially with the formation of higher highs and higher lows. However, the lack of volume indicates caution—bulls need stronger follow-through for sustained upside. For scalpers or intraday traders: Long entry near 42.68 with a stop loss just below 41.66 makes sense. For bearish plays, watch for rejection around 42.99 to scalp a retracement back towards the order block near 41.50. Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Trading stocks and ETFs involves risk, and you should consult with a licensed financial advisor or conduct your own research before making any decisions.
NYSE:PLTR
by BullBear-Insights
Palantir Validated a Liquidity Zone, Whats Next? If you saw my previous structural analysis, I had mentioned that Palantir was going to hit an institutional liquidity zone, and for the first time in several years, using common sense, the price was going to face rejection. And that’s exactly what happened... The price hit my point of interest and dropped for 3 days. However, the last candle with which we closed the week was green and had enough volume. Why is this? If we can see 2 candles before the close, we can detect a trap that created a long wick downward, preventing the price from falling further. That’s the detail we're seeing before the week’s close—the last candle was bullish. We also can’t ignore that Palantir is only about 2 weeks away from its earnings report. So, I don’t think the price will make a decisive move just yet, and even if it falls further, it would likely be around 38.50. However, the earnings strategy that traders are waiting for, where Palantir accumulates and begins to rise, is very close. So, we need to be very alert as we approach its earnings report on November 4th. Best regards, and thank you for supporting my analysis.
NYSE:PLTR
by RocketMike111
$PLTR #PLTR Ascending Triangle ATH break or Potential ReversalOver these next few trading days I will keep my eyes focused on these Palintir levels as we get closer to a potential retest from Octobers supply zone where we may see a break above to attempt a new all time high. While an all time high attempt sounds great there is also the possibility that Palintir will see a rejection from supply a zone or even a potential breakdown from the wedge support. Where we will meet multiple key retracement levels including some strong support levels. Using the RSI indicator we can see that Palintir is overbought and could see potential selling. I will remain neutral on my decision till the breakout comes.
NYSE:PLTR
by NateTradesStonks
Palantir at a Critical Turning Point – Big Moves on the HorizonAlright, here’s the deal with PLTR. I’ve been keeping a close eye on it, and right now, it feels like we’re standing at a fork in the trail—one direction leads to a nice payday, the other to a bit of backtracking. The next couple of moves will tell us which way we’re headed. We’re hovering around 42.75 right now, and if we can break above that with some force, 43.91 is my first target—good spot to lock in some profits. But here’s the thing: if we can clear 44, that’s where the real fun begins. That’s the confirmation we’re looking for, and from there, I think this could open up a much bigger move. On the other hand, if 41.65 doesn’t hold, things could get a bit rocky. I’ll be looking for price to drift down into the 41.28 - 41.00 range. Not ideal, but hey, markets don’t move in straight lines. That’s where I’ll watch for buyers to step back in and give us another shot at the upside. The key here is patience. If we get the breakout, I’m ready to ride the wave. If we pull back, no sweat—I’m not in the business of chasing trades. You gotta play this game cool, stick to the levels, and wait for the setup to come to you. No need to rush it. It’s kind of like hiking. Sometimes the first path up the hill looks tempting, but the trail turns steep, and you gotta fall back to find a better route. But when you do find that clean path—man, the view is worth the wait. That’s exactly what this trade feels like. If we clear 44, we’ve got some clear skies ahead, and I’ll be ready for the ride. But if not, I’m content to step back and wait for the next chance to make my move. Let’s see where this takes us—either way, it’s gonna be an interesting climb. Mindbloome trader
NYSE:PLTR
by Mindbloome-Trading
PLTR Technical Analysis for October 18, 2024Current Market Structure From the 1-hour chart, PLTR appears to be moving in a descending wedge pattern, suggesting potential consolidation with a possible breakout. Here are the key levels and insights: Support Levels: 41.93: Immediate support level, acting as a pivot zone in the current consolidation. 40.37: A critical support level. A break below this could indicate further downside momentum. 38.78: Strong support near the recent low; this level could act as a bounce zone if prices dip further. Resistance Levels: 42.68: Immediate resistance—if the price reclaims this level, it could build bullish momentum. 44.51: The next target if PLTR breaks out of the wedge to the upside. Watch for volume confirmation if this level is tested. Descending Wedge: This pattern often signals an eventual breakout. If PLTR manages to hold above support zones and breaks upward through the wedge, we could see bullish action. Conversely, if it continues to grind lower within the wedge, expect increased selling pressure. Indicators & Volume Insights MACD: Currently flat, indicating limited momentum. Traders should monitor for a potential MACD crossover, which could signal the start of a new trend. Volume: We’re seeing declining volume, typical for consolidation. A breakout from the wedge with increasing volume would confirm a valid move. Potential Scenarios for Tomorrow: Bullish Case: A breakout above 42.68 with volume could target 44.51. Look for the price to hold above the wedge trendline for confirmation. Bearish Case: If PLTR drops below 40.37, the next significant support is 38.78. This would indicate bearish continuation and potentially more downside. -------------------------------------------------------------------------------- Why Some Traders Profit While Others Struggle Using the Same TA Even when using identical technical setups, traders often experience different results due to several factors: Psychological Discipline: Successful traders remain patient and follow their strategies without emotions interfering. Risk Management: Proper position sizing and use of stop losses are key. Over-leveraging or holding onto losing trades leads to losses. Execution: Precise timing and quick decision-making play a crucial role in scalping or short-term trading. Adaptability: Markets are dynamic. Those who adjust their strategies based on new data perform better than those who stick rigidly to a plan. If you’ve struggled with trading, focus on emotional control, plan execution, and risk management. These are essential regardless of the technical strategy used. Disclaimer This analysis is for informational purposes only and should not be considered financial advice. Always conduct your own research and trade with capital you can afford to lose. Market conditions can change rapidly, so stay informed and disciplined. Feel free to PM me if you have any questions or need further insights. Happy trading! 🚀📊
NYSE:PLTR
by BullBear-Insights
Short on PalantirPalantir's stock is facing several risks that could justify a short position. Its overvaluation is evident, trading at a P/E ratio of around 247 after a 150% surge in 2024, implying that future growth is heavily priced in; if the company doesn't meet these expectations, a sharp correction could occur​. Insider selling over the past 90 days has raised doubts about confidence in Palantir’s future, despite some sales being pre-planned. The stock's gains are tied closely to the AI boom, but there's skepticism over whether Palantir's contracts can maintain momentum, leading to concerns that AI hype may not translate into sustainable growth​. Analysts give the stock a "Reduce" rating with a consensus target suggesting a 33% downside, highlighting the potential risk of a pullback​. Furthermore, the stock appears technically overbought, increasing the likelihood of profit-taking and a subsequent decline​. Also, it is posible that Palantir is done with the fifth and the last Elliott Wave, and ABC corrective wave are incoming, hence entering a short position (Put) at price $42.00, first target price $32.0 at the 0.5 Fibonacci retracement line, and the second target price 0.382 Fib retracement line $24.0. A less than perfect earning will help us to get there.
NYSE:PLTRShort
by AZ_Cap
PLTR Technical Analysis – October 17, 2024Current Price Overview: Ask: 41.82 Bid: 41.81 Last Low: 40.36 Current Resistance: 42.86 Major Support: 40.37 Key Observations: Trendlines & Price Action: A descending trendline is visible, which suggests bearish pressure is dominant. The price is hovering around the 41.82 region, consolidating after a sell-off. If the 41.62 level (recent low) fails to hold, expect a retest toward 40.37. Upward breakout potential: A move above 42.86 would signal bulls regaining momentum and could push PLTR toward 43.83 or higher. Volume Analysis: Lower volume near the consolidation suggests indecision or a pause in bearish movement. However, a significant red candle with higher volume earlier indicates sellers were active. Be cautious about further downside unless buying volume picks up. MACD Indicator: The MACD histogram shows recent bearish momentum but no extreme divergence. If the MACD line crosses above the signal line later in the day, a short-term reversal could occur. Scenario Analysis for End of Day: Bearish Case: A breakdown below 41.62 may lead to a drop toward 40.37 support. If sellers dominate, expect a close near this level by day’s end. Bullish Case: If PLTR holds 41.82 and reclaims 42.86, we may see a late-day rally with a potential close near 43.50 or higher. Trading Strategy: Short Setup: Enter short if 41.62 breaks with volume, targeting 40.37. Use 42.00 as a stop-loss to manage risk. Long Setup: Consider a long position if the price reclaims 42.86, targeting 43.83. Set a stop-loss below 41.50 to minimize risk. Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and consult with a professional before making any trading decisions. Trading involves risks, and you may lose more than your initial investment.
NYSE:PLTR
by BullBear-Insights
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.
NYSE:PLTR
by BullBear-Insights
4
$PLTR 9/25/24 Heading Down...Despite strong revenue growth in recent years, the company trades at high price-to-sales (P/S) and price-to-earnings (P/E) ratios compared to peers in the software and analytics space. The company’s early reliance on government contracts has been a strength, but its pivot to expand commercial operations has faced increasing competition. A significant portion of Palantir’s revenue still comes from government contracts, particularly in defense and intelligence. While this provides stable income, it also exposes Palantir to regulatory risks, changes in government policy, and budgetary constraints. Palantir has positioned itself as a key player in AI, particularly with its “AIP” platform that integrates AI into its existing data analytics offerings. However, while AI has generated substantial buzz and investor enthusiasm, there is a risk that the market has overpriced Palantir's potential in this space. While Palantir’s government business is well-established, its ability to penetrate the commercial market at scale remains in question. The landscape for data analytics, AI, and machine learning is highly competitive. Palantir competes against a broad array of players, from specialized startups to large tech giants.
NYSE:PLTRShort
by Smarter_Trades
PLTR: Will Support Hold for Tomorrow. (10/15/2024)Key Levels and Observations: Support Levels: $42.63: This level continues to be a strong support, with the price respecting it multiple times. If it breaks, the next support to watch would be around $41.19. $43.00: A minor support level that aligns with the current consolidation. If this holds, it could provide a good entry point for an upward move. Resistance Levels: $44.39: This is the same upper resistance zone from the previous analysis. It remains a key target for bulls if PLTR breaks higher. Any strong momentum above this level could lead to a push toward the $45 area. Trendline: There’s a clear ascending trendline providing additional support. Price currently sits close to this trendline, so any break below it could signal a bearish reversal or deeper pullback toward $42.63. Volume and MACD: Volume appears to be declining, indicating that the stock is consolidating. Watch for a volume spike in either direction to confirm a breakout. The MACD is still in a neutral range, with little momentum. It would be important to watch for any crossovers or divergence to confirm a directional move. Trading Plan for Tomorrow: Bullish Scenario: If the price stays above $43.00 and reclaims $43.50, watch for a potential move toward $44.39. Entry: Above $43.50. Target: First target $44.39, second target $45.00. Stop-loss: Below $43.00. Bearish Scenario: A break below the ascending trendline and $43.00 could indicate a drop toward $42.63 or lower. Entry: Below $43.00. Target: First target $42.63, second target $41.50. Stop-loss: Above $43.50. Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and consult with a financial advisor before making any trading decisions. Trading involves risk, and past performance is not indicative of future results.
NYSE:PLTR
by BullBear-Insights
2
PLTR Technical Analysis for Tomorrow (10/14/2024)1. Trend & Price Action: Ascending Trendline: PLTR is following a rising trendline, but the price appears to be consolidating just below recent highs. A break of this consolidation will determine the next significant move. Support Zones: 40.28: This is an important support level. If the price pulls back, buyers might defend this area. 38.80: Deeper support is visible here. If the bearish pressure increases, this level may come into play. Resistance Levels: 43.52 – 44.39: This is the immediate resistance zone. A breakout above 44.39 could signal further upside. 46 – 47: Higher targets are possible if momentum builds above 44.39. 2. MACD: The MACD is hovering near neutral, suggesting a lack of momentum in either direction. Watch for any crossover to signal potential shifts in momentum tomorrow. 3. Volume Analysis: Volume spikes have occurred around support and resistance zones, indicating heightened interest from traders. Keep an eye on volume tomorrow to confirm breakouts or breakdowns. 4. Key Levels to Watch for Tomorrow: Support: 41.74, 40.28, and 38.80 If PLTR pulls back and holds above 41.74 or 40.28, it could offer a good entry point for a long trade. Resistance: 43.52, 44.39 A move above 44.39 could push the stock toward the 46 – 47 zone. Potential Trading Plan: Bullish Scenario: If PLTR holds above 41.74 and breaks 43.52 with volume, consider long entries with a target of 44.39 or higher. Bearish Scenario: If the price breaks below 41.74, look for short setups targeting 40.28 or even 38.80. Disclaimer: This analysis is for educational purposes only and is based on technical indicators. Markets carry risks, and it’s essential to conduct your own research and manage risk properly. Use stop losses and trade only what you can afford to lose.
NYSE:PLTR
by BullBear-Insights
Palantir Technologies Inc. (PLTR) All-Time High: Let Me Explain!You don't need to be a genius to figure this one out and you do not need any experience... This is an easy chart, let me explain. In January 2021 PLTR produced an All-Time High. As is usual and normal, after strong bullish action a correction follows. The establishment of this All-Time High signaled the end of the bullish wave; the start of the bearish cycle. We have the classic correction (ABC-Bear-market). This is followed by sideways action (blue channel) and then a new bullish wave (5-up wave pattern). Palantir Technologies (PLTR) is still within the bullish impulse. The highest volume happened February 2024. This is the third wave (the highest volume always comes on the third wave). A higher high compared to February is happening now, there is high volume in September but lower than February. This is the fifth wave. The fifth wave signals the end of the bullish impulse. Prices can go higher. There can be one, two, three weeks green and then a crash, or it can crash starting Monday. The fifth and final wave is the speculative wave so anything goes, but after the completion of this wave a crash comes. We have a long-term lower high when we compared October 2024 vs January 2021. A correction comes next, another ABC. After the correction comes consolidation and then a new bull-market. MA200 is the next and main support. That is, PLTR is moving toward 18. Namaste.
NYSE:PLTRShort
by AlanSantana
17
ANALIZING PALANTIR ITS JUST COMMON SENSE... BUT BE VERY CAREFULLLet’s welcome Palantir (PLTR) into the weekend analysis! As we can see in the chart, today I wanted to do general structure analysis not too specific, as we are practically touching the highest level again in nearly 4 years. Congratulations to all who bought at $12–16 per share and are still holding Palantir, but as I show in the chart, from point A to point B, it took almost 4 years to reach these levels again. But here’s my question: WHAT WOULD YOU DO IF YOU BOUGHT AROUND $40 IN 2021? I’d love to know, as this situation can greatly influence each person’s psychology when making a fundamental decision in trading. (LEAVE YOUR OPINION IN THE COMMENTS) I want you to know that I don’t just focus on price analysis. I also study company valuation. Based on a fundamental analysis of its balance sheet and recent moves by PLTR, I’ve concluded that Palantir is currently 171% above its intrinsic value. In my personal opinion, my decision leans more toward common sense… What do I mean? 1. Palantir is 171% overvalued. 2. Palantir is diluting its investors like crazy! In every quarterly report. Do you know what dilution is? Stock dilution can be harmful to shareholders because the value of each share is reduced, even though the investor holds the same number of shares. This is because the total value of the company doesn’t increase proportionally with the number of shares. Palantir is an excellent company, although it’s a bit complicated to understand what they do and how they make money. But in my personal opinion, a company that dilutes its investors is nothing but a red flag to me—and a big red flag—because I call this the silent killer for investors. At this point, PLTR is more on the hype side! If Palantir reports well in November, we could see the stock above $50 per share, BUT if Palantir reports anything that doesn’t meet investor expectations, any data that falls short… Buckle up! But how much could it fall? The truth is, I don’t know. But if we base it on technical analysis, I have an important inflection point (purple zone) where I expect the price to bounce after a sharp drop. BUT CAUTION! Only if Palantir doesn’t meet expectations. An inflection point in trading refers to a critical moment on a price chart where the trend or price direction is expected to change. It marks the transition from one phase of price movement to another, often signaling a turning point in market sentiment or momentum. Traders pay close attention to inflection points as they may indicate a radical trend shift. Traders use these points to adjust their strategies, such as entering or exiting positions, to capitalize on the expected change in price direction. BUT WHAT WILL REALLY HAPPEN? I don’t know, maybe this time it will be different—who knows? But the only thing I can tell you is that numbers don’t lie, and neither does price action. So, I hope the decision you make is the right one! Thank you for supporting this analysis. Sending you my best regards!
NYSE:PLTRShort
by RocketMike111
2
PLTRSuper extended here At ATH... Out of all the 2020/2021 Spacs that IPO, PLTR defied the odds and outperformed. I think a pullback is coming for that 30$ gap close but a drop that steep won't come without some company specific negative catalyst. Last time price was this extended technically on PLTR was July 31 of this year.. price corrected 30% over the next 2weeks. For now I'm looking for a pullback to 38 gap close and most likely 36 fib support. No timetable for this draw down but considering PLTR range of movement we could see 36$ by 10/25. Like I said, 30 would be the long term short but 36 will be hard to breach without a negative catalyst (Earnings).. I take profit at 36.. And yes permabulls there is a possibility of a major cup and handle at play if 30ish holds but that handle will likely take weeks to form which means chop and consolidation at between 30-36 Stop losses over 46.00
NYSE:PLTRShort
by ContraryTrader
9
Should we Long or Short on PLTR (10/11/2024)?Price Action: Current Resistance: The stock is near resistance at $43.87, which is testing the highs of the current trend. A clear breakout above this level would signal continued bullish momentum. Support Levels: The key support areas are at $41.23 and $40.12, with the latter being a significant level where buyers stepped in during the previous dips. Uptrend: There is a strong upward trendline providing support from the lows seen earlier in October. This trendline may serve as dynamic support if the price pulls back. Direction: Bullish Scenario: If PLTR can break and hold above $43.87, it could continue its upward movement with a target toward the next psychological level of $45 or higher. Watch for volume spikes on the breakout to confirm strength. Bearish Scenario: If the price fails to break resistance and begins to fall, look for potential support at $41.23. A break below this level could lead to a further decline toward $40.12 or the lower order block near $38.80. Volume and Indicators: Volume: Volume has tapered off slightly as the stock reaches the resistance level. Increased volume will be needed for a significant breakout. Momentum Oscillators: Mixed signals from momentum oscillators suggest that the price could either consolidate at current levels or experience volatility in the short term. Watch for shifts in momentum to confirm direction. Order Block: Bullish Order Block: Around $38.80 - $40.12, a previous consolidation zone, suggests significant buying interest. If the stock falls back into this range, it could find support and possibly rally. Strategy: For long positions, consider entering on a breakout above $43.87 with volume confirmation. Target the next resistance level or ride the trend if volume picks up. For short positions, look for failure at $43.87 or a break below $41.23 with a potential target at $40.12 or the order block near $38.80. Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research or consult with a licensed financial advisor before making any investment decisions.
NYSE:PLTR
by BullBear-Insights
1
PLTR: Will the Bullish Trend Continue? (10/10/2024)Key Levels: Resistance: 43.34: This level marks the recent high, which could act as resistance if the price attempts to push upward. 43.02: Slightly below the high, this could also act as a minor resistance level. Support: 41.21 - 41.45: A potential support zone, as shown by the red lines on the chart, may hold up the price if a pullback occurs. 40.29: This level aligns with previous price action and could serve as strong support if the price drops further. 38.79: A deeper support level, acting as the last significant low in case of a larger pullback. Trend and Indicators: Trendline: The upward trend is still intact based on the diagonal line drawn, indicating bullish momentum. However, the price has started to consolidate near the top of the trendline, showing signs of potential exhaustion or a pullback. MACD: Currently showing a slight bearish crossover below the zero line, which could signal short-term weakness. Keep an eye on whether this bearish divergence continues, as it may indicate downward momentum. Strategy for Tomorrow: Bullish Scenario: If PLTR holds above the 41.45 - 41.21 support zone and breaks through the 43.34 resistance, it could signal a continuation of the uptrend. Watch for increased volume to confirm the breakout. Bearish Scenario: If PLTR fails to hold above 41.21, look for a potential drop towards the 40.29 support level. A break below that could send the price towards 38.79, especially if bearish momentum continues on the MACD. Disclaimer: This analysis is for informational purposes only and not financial advice. Always conduct your own research and consider consulting with a professional before making trading decisions.
NYSE:PLTR
by BullBear-Insights
$PLTR Finding that Perfect EntryNYSE:PLTR is a stock that will easily be a 300$+ Not only does it have government contracts, consumer based equipment artificial intelligence monitoring systems; this company has plans to program the programmer. It has already dug into fully integrated touchpoint systems that any person can use, to fully program from scratch any product, game or software utilizing point and click mythologies. This is a holy grail for advancement of the human race. As we can see, NYSE:PLTR has taken off after squeezing out the shortie hedge funds. Like many stocks right now, this one is headed to it's next 1.618 extension level on the all time level. Once we begin the pullback at this level of around 63.99$, you can expect between 60% and more likely 70% retracement of the move off demand for our next buy in at between 15 and 20$. Be ready, formulate and execute your plan.
NYSE:PLTR
by Midgar-
2
Palantir Hit a Record High This Week. What Do Its Charts Say?Palantir Technologies NYSE:PLTR reached a new all-time high this week as the tech firm continues to enjoy a month-long rally that began on Sept. 9 after S&P Dow Jones Indices announced plans to add it to the S&P 500. What does technical and fundamental analysis say might happen from here? Regular readers might recall that I wrote about PLTR some two months ago, when the big data/artificial intelligence software firm’s stock was trading at about $27 following its Q2 earnings release. Palantir was showing potentially bullish technical patterns then, which turned out to be accurate given that the stock topped $40 a share this week. (Disclosure: I was long PLTR when I wrote about the company in August, but do not own any shares as of this writing.) Let’s see what Palantir’s fundamentals and technicals look like now: Fundamental Analysis Wall Street expects Palantir to release its Q3 earnings on or about Nov. 1, and analysts’ current consensus calls for $0.09 adjusted EPS (GAAP EPS: $0.04) on $703.7 million of revenue. That would be good for year-on-year earnings growth of 29% on revenue growth of 26%. In fact, all 11 sell-side analysts that cover Palantir have increased their earnings estimates since Q3 began. Meanwhile, PLTR has recently enjoyed several seemingly positive fundamental catalysts: -- The company officially joined the S&P 500 on Sept. 23. Such a move historically helps a stock because S&P 500 ETFs and index funds all have to buy shares. -- PLTR last week unveiled "Live Edge," a new product it developed in partnership with Edgescale AI. Live Edge is designed to enhance physical AI capabilities to help bring artificial intelligence to manufacturing, utilities and other complex industrial sectors. -- Palantir announced on Sept. 25 a multi-year, multi-million-dollar extension of its enterprise deal with APA Corp. NASDAQ:APA , formerly known as Apache Oil. -- The firm won a five-year $99.8 million award on Sept. 20 from the DEVCOM Army Research Laboratory to extend the company’s Maven Smart System to the U.S. military. Maven is part of the Pentagon’s National Geospatial-Intelligence infrastructure that supports AI battlespace awareness, global force integration and management, logistics, joint operations and targeting workflows. On the other hand, Palantir co-founder and Chairman Peter Thiel sold more than $600 million worth of PLTR shares in late September and early October, bringing his total sales for the year to date to $1 billion+. Still, those were all sales made on a previously announced schedule, and Thiel has reportedly not sold any of his voting shares. In fact, he and CEO Alex Karp and board member Stephen Cohen still firmly run the company as a triumvirate. Palantir’s Technical Analysis Here’s PLTR’s chart for roughly 2024 to date: Readers will see that a cup-with-handle pattern formed in early August with a $30 pivot. That provided for some optimism at the time. Now let’s look at a chart with what’s called “Andrews’ Pitchfork” model overlaid on top of Palantir’s breakout since roughly Aug. 9: You can see that PLTR has repeatedly based over the past two months, almost consolidating its gains in a step-ladder-like way. The stock moved from the pitchfork’s lower chamber to its upper one and is now even testing the whole model’s upper trendline. The chart above also shows that Palantir has held its 21-Day Exponential Moving Average (denoted with a green line) after an early September test. In fact, the stock has basically stayed above that line as its share price accelerated. Similarly, PLTR hasn’t tested either its 50-Day Simple Moving Average (the blue line above) or 200-Day SMA (the red line) in some time. True, Palantir’s Relative Strength Index (the gray line in the above chart) has moved above 70, which puts it slightly into technically overbought territory. However, that doesn’t historically mean that a selloff is imminent, as stocks can stay overbought for some time. Instead, such a reading is typically more like a heads-up that shares could soon enter a basing period of consolidation. In fact, Palantir’s Daily Moving Average Convergence Divergence -- the black and gold lines and blue bars at the bottom of the above chart -- looks bullishly postured. The histogram of Palantir’s 9-Day Exponential Moving Average (the blue bars above) is in positive territory. Meanwhile, PLTR’s 12-Day EMA (the black line above) and 26-Day EMA (the gold line) are both well above zero, with the black line above the gold line. The combination of those three components in that way is historically considered bullish. As for a pivot point for the stock, I don’t currently see an identifiable technical pattern in place, so I’m using the pitchfork’s upper trendline as a “moving pivot.” That pivot was right around $41 at I wrote this -– close to the $41.45 that Palantir closed at on Friday. However, it appears likely to grow as time passes. Still, a move by the stock to consolidate ahead of earnings would not be unhealthy in my opinion. (Stephen “Sarge” Guilfoyle is Markets Commentator for Moomoo Technologies Inc.) This article discusses technical analysis, other approaches, including fundamental analysis, may offer very different views. 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NYSE:PLTR
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