Come to make money :) PLTR 7/22Just 1 stock, 1 profit.
Chart Analysis
Timeframe: 1-hour chart
Indicators:
MACD (Moving Average Convergence Divergence)
Volume
Support and Resistance Levels
Immediate Resistance: $29.83 (highlighted in green)
Immediate Support: $27.43 (highlighted in red)
Current Price: $28.97 (as per the latest bid)
Trendlines
Descending Trendline: There is a descending trendline from a previous high, indicating a downward trend.
Horizontal Support and Resistance Lines: Clearly marked at $29.83 (resistance) and $27.43 (support).
MACD
The MACD is showing a bullish crossover, indicating potential upward momentum.
Volume
There is a noticeable volume spike, which often precedes significant price movements.
Trading Strategy
Scalping
Entry Point: Around $28.90 - $29.00 (current price level) considering the bullish MACD signal.
Exit Point: Near $29.50 - $29.80 (resistance level) for quick profits.
Stop-Loss: Below $28.60 (to limit downside risk).
Intraday Trading
Entry Point: If price breaks above $29.00 and sustains, enter around $29.10.
Exit Point: Target $29.50 - $29.80.
Stop-Loss: Below $28.70.
Swing Trading
Entry Point: Buy around $28.90 - $29.00 (current level).
Exit Point: Target $30.00 - $30.50 (next major resistance).
Stop-Loss: Below $27.40 (support level).
Recommendations
Scalping: Look for quick profits near the $29.50 - $29.80 level.
Intraday: Watch for a break above $29.00 with a target towards $29.50 - $29.80.
Swing Trading: Enter around current levels with a target near $30.00 and a stop-loss below $27.40.
Summary
The chart shows potential for upward movement with the MACD indicating bullish momentum.
Use defined support and resistance levels to set entry, exit, and stop-loss points.
Monitor volume and MACD signals closely to confirm the direction of the trade.
