Will PLTR Bearish? TA for PLTR Tomorrow 9/301. Trend Analysis:
PLTR shows a consolidating pattern with the price narrowing into a symmetrical triangle, suggesting a potential breakout soon. The price action is moving between tightening support and resistance levels.
Heikin Ashi candles indicate a lack of clear direction, reflecting consolidation.
2. Support and Resistance Levels:
Support Levels:
$36.85: Immediate support level.
$36.60: A strong support level where buyers may step in.
$36.39: A key support level near the lower end of the recent price range.
$34.90: Major historical support level from earlier moves (not shown but inferred from the low).
Resistance Levels:
$37.10: Immediate resistance level that coincides with recent price rejection.
$37.47: Resistance from previous highs.
$37.64: A more significant resistance, which has been tested several times.
3. Price Action:
Neutral to Slightly Bearish: The price is consolidating and slightly leaning downward in the triangle pattern, indicating some bearish pressure. However, it could go either way depending on the volume and market sentiment tomorrow.
Watch for a breakout above $37.10 for a potential bullish reversal, or a breakdown below $36.60 for a bearish move.
4. Entry/Exit Strategy:
Bullish Entry: If the price breaks and holds above $37.10 with strong volume, consider entering a long position targeting $37.47 or $37.64. Place a stop loss just below $36.86.
Bearish Entry: If the price breaks below $36.60, enter a short position with targets near $36.39 and $34.90. Place a stop loss just above $37.10.
5. Directional Bias:
Neutral to Slightly Bearish: Due to the symmetrical triangle and weakening support, the bias leans bearish unless the price breaks above $37.10. Volume will be key to confirm the breakout or breakdown direction.
Be cautious of false breakouts, and look for confirmation through volume spikes.
