PLTR Based on 4-Hour Chart 6/26/2024
Overview
Chart Timeframe: 4-hour
Current Price: $24.56
Volume Profile Indicator: Significant volume node around $24.61.
Trend: Recently corrected from a high of $26.60.
Key Levels:
Support: $22.86
Resistance: $24.61, $26.60
Indicators: MACD shows bullish momentum starting to build up.
Analysis
Trend Analysis:
The price has recently corrected but found support around $22.86.
There is a potential for a pullback to the previous support turned resistance at $24.61.
If the price can break above $24.61, the next target is around $26.60.
Volume Profile:
A significant volume profile node at $24.61 indicates strong resistance. Breaking above this level could lead to further gains.
MACD:
The MACD shows a potential bullish crossover, suggesting the start of upward momentum.
Possible Scenarios:
Bullish Case: If PLTR can break above $24.61 with good volume, it could target the next resistance at $26.60.
Bearish Case: If PLTR fails to break above $24.61, it might retest the support at $22.86.
Trading Strategy
For Long Position:
Entry Point: Around $24.61 on a confirmed breakout with high volume.
Target: $26.60
Stop Loss: Below $22.86 to minimize potential losses.
For Short Position:
Entry Point: Near $24.61 if the price shows rejection and fails to break through.
Target: $22.86
Stop Loss: Above $25 to minimize potential losses.
Summary
Key Levels to Watch:
Resistance at $24.61 and $26.60.
Support at $22.86.
Indicators:
Bullish momentum building up on MACD.
Action Plan:
Watch for a breakout above $24.61 with strong volume for a long position targeting $26.60.
If resistance holds, consider shorting with a target of $22.86.
Proper risk management is crucial. Use stop losses to protect against potential reversals. Adjust your strategy based on market conditions and new information.
