Sunday Prep 9/19 - $PLTR Triggered Breakout Last Thursday

Sep 19, 2021

The name doesn’t have a ton of range, but this breakout that it triggered last Thursday makes me think that with the right entry, this could be a swing, so intraday range doesn’t become a concern for me. Love the volume on the name the last 2 days as well. It really helps me have some confidence that there are institutions getting involved here. Friday’s low/monthly pivot around 28 is the first area where I might look to scoop some weakness. But it really wouldn’t surprise me if this first needs to retest the breakout area of 27.50, so the plan for me would be to start at 28 with the ability to add to my position if it continues lower to that area. At that point though, I would need to start to see some higher lows put in and constructive price action. If it wants to stay heavy, I have no problem taking it off and looking for re-entries around the 20d if it wants to give them to me.