Technical Analysis (PLTR 1-Hour Chart): Sept. 9, 2024
Palantir (PLTR) is set to join the S&P 500 index on September 23, 2024, which has already led to a price jump of around 7% after the announcement. This inclusion could attract more institutional investors, potentially increasing the stock's liquidity and driving demand higher.
Technical Analysis (PLTR 1-Hour Chart):
Volume Profile: Major resistance at $32.70 and support near $31.64.
Trend: Recent spike towards $33 indicates bullish momentum, but be cautious around the $32.70 resistance zone.
Suggestion: A pullback to $31.64 could offer a better entry. Watch volume and momentum at key levels.
It’s possible that Palantir (PLTR) could experience a "sell the news" reaction after the initial excitement from the S&P 500 inclusion fades. While the news has driven the stock higher, traders might take profits, leading to a pullback in the short term. The key level to watch is $32.70, which could act as strong resistance. If the stock fails to break above this, there might be a retracement to around $31.64 or lower.
I’d suggest monitoring price action closely near resistance levels before making a decision.
Technical Analysis (PLTR 1-Hour Chart):
Volume Profile: Major resistance at $32.70 and support near $31.64.
Trend: Recent spike towards $33 indicates bullish momentum, but be cautious around the $32.70 resistance zone.
Suggestion: A pullback to $31.64 could offer a better entry. Watch volume and momentum at key levels.
It’s possible that Palantir (PLTR) could experience a "sell the news" reaction after the initial excitement from the S&P 500 inclusion fades. While the news has driven the stock higher, traders might take profits, leading to a pullback in the short term. The key level to watch is $32.70, which could act as strong resistance. If the stock fails to break above this, there might be a retracement to around $31.64 or lower.
I’d suggest monitoring price action closely near resistance levels before making a decision.
Note
Palantir Chairman Peter Thiel to Sell Up to $1 Billion of Stock — Barrons.com
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.