PLTR (Palantir Technologies Inc.) for tomorrow August 23, 20241. Trend Analysis:
Short-term Trend: The price is currently within a rising channel but is testing the lower trendline. This suggests a potential retest of the lower support or a possible breakdown if the price fails to hold.
Volume Profile: The Volume Profile (VPVR) indicates a significant amount of trading activity around the $31.64 level, which could act as a strong support. A breakdown below this level could lead to a sharp move downward.
2. Key Support and Resistance Levels:
Resistance Levels:
$33.13: Marked as the recent high, this is a significant resistance. If the price manages to break above this level, it could indicate further upside potential.
$32.56: Another minor resistance level just above the current price, this might act as a short-term barrier.
Support Levels:
$31.97: Currently acting as immediate support. A breakdown below this level might lead to a test of lower levels.
$31.64: This is a more substantial support level, where the price might find strong buying interest.
$31.00: If the price breaks below $31.64, this level could act as the next major support.
3. Indicators:
MACD: The MACD is currently showing a potential bullish crossover. This indicates that momentum might be shifting to the upside, suggesting a possible reversal or continuation of the upward move.
Volume: There has been an increase in volume, especially during the recent down move. This could either indicate selling pressure or a potential bottom if buyers start stepping in.
4. Price Action & Strategy:
Entry Point:
Bullish Scenario: Enter long if the price breaks above $32.05 with strong volume, targeting the resistance at $33.13. A breakout above $33.13 could lead to further upside potential.
Bearish Scenario: Consider shorting if the price breaks below $31.64 with strong volume, targeting the $31.00 level as the next support.
Exit Point:
For Longs: Consider taking profit near $33.13 or trail your stop-loss if the momentum remains strong. A stop-loss could be placed just below $31.97.
For Shorts: Consider taking profit near $31.00 with a stop-loss just above $32.05 if the bearish scenario plays out.
5. Forecasted Direction:
Given the current setup, the forecasted direction is slightly bullish if the price holds above $31.97 and shows strength above $32.05. However, a breakdown below $31.64 could shift the direction to bearish, leading to a further downside.
Key Takeaways:
Watch for a breakout above $32.05 for a potential long position.
Watch for a breakdown below $31.64 for a potential short position.
Use MACD and volume as confirmation tools for the move.
