PLTR: Testing Key Resistance Levels Ahead of Early Market CloseTrading Plan and Technical Analysis for PLTR
Market Reminder:
📢 The U.S. stock market will close early tomorrow, Friday, November 29, 2024, at 1:00 PM EST. Plan your trades accordingly.
Price Action Overview:
PLTR is trading near $66.20, with price action following an ascending trendline. It is currently testing a critical resistance level near $67.50. The MACD histogram is neutral but hints at a potential bullish crossover, while volume remains moderate.
Liquidity Zones and Order Blocks:
* Liquidity Zone (Support): $63.50-$64.00 - Buyers stepped in strongly here during prior pullbacks.
* Liquidity Zone (Resistance): $67.50-$68.00 - Key sellers' area that aligns with recent price rejection.
Key Support and Resistance Levels:
* Support Levels:
* $65.50 - Minor support, where intraday buyers could step in.
* $64.00 - Major support aligning with the ascending trendline.
* Resistance Levels:
* $67.50 - Immediate resistance; watch for price behavior here.
* $68.50 - Breakout target if bullish momentum sustains.
Scalping Gameplan:
* Bullish Setup:
* Entry: Long above $67.50, targeting $68.50 and $69.00.
* Stop-loss: Below $66.50.
* Confirmation: Look for volume spikes and MACD crossover on the 5-minute timeframe.
* Bearish Setup:
* Entry: Short below $65.50, targeting $64.00 and $63.50.
* Stop-loss: Above $66.50.
* Confirmation: Watch for a rejection at $67.50 followed by a breakdown.
Swing Trading Playbook:
* Bullish Case:
* Entry: Sustained breakout above $67.50, targeting $69.00.
* Stop-loss: Below $66.00.
* Indicators: RSI trending above 60 with MACD supporting bullish momentum.
* Bearish Case:
* Entry: Rejection at $67.50 and breakdown below $65.50, targeting $63.50.
* Stop-loss: Above $66.50.
Thoughts and Suggestions:
PLTR is at a pivotal level, with its next move likely defining the short-term trend. Bulls need a breakout above $67.50 to sustain momentum, while bears are eyeing a breakdown below $65.50 to confirm a reversal. Given the early market close, scalpers should aim for quick profits, and swing traders should plan for reduced liquidity tomorrow.
Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research before making trading decisions.
