PLTR: Is it ready to fly?
Hello trader and investors! Let’s talk about PLTR today! As we thought, in our previous analysis last week, the stock gave us a nice exhaustion sign of the sell pressure. We identified this movement only reading the candlesticks and the volume. As a Price Action trader, I don’t need to use any indicators, and if you are curious, the link to our last analysis is below this idea, as usual.
But what about now? The stock is clearly in a bull trend after the false breakout from the $ 22.06 (another thing we discussed in our previous study), and it is doing higher highs/lows.
It had a pivot point at $ 23.50, which now is supposed to work as a support, along with the 21 ema, which is pointing up, another sign that we are in a bull trend, at least in the short-term.
Let’s see the daily chart for more clues:
The stock is still in a congestion in the daily chart, moving sideways since February. This is annoying, but on the bright side, it is not a bear trend anymore. The stock has a floor around the $ 20.18 (red line), and a purple trendline connecting the past three bottoms. This makes the situation hard for the bears, as if they want the stock to drop, they will need to defeat these points.
Although it is near a support level, we don’t have a clear bullish structure, like higher highs/lows. In addition, the volume must increase too in order to PLTR break this mid-term congestion. These two signs tell me that now it is not the time for PLTR to fly, but soon it’ll. It just needs to mature its movements a little bit longer.
Maybe next week, when we talk about it again, we’ll see something new. Meanwhile, remember to follow me to keep in touch with my daily updates, and if you liked this idea, then please, support it!
Thank you very much!
But what about now? The stock is clearly in a bull trend after the false breakout from the $ 22.06 (another thing we discussed in our previous study), and it is doing higher highs/lows.
It had a pivot point at $ 23.50, which now is supposed to work as a support, along with the 21 ema, which is pointing up, another sign that we are in a bull trend, at least in the short-term.
Let’s see the daily chart for more clues:
The stock is still in a congestion in the daily chart, moving sideways since February. This is annoying, but on the bright side, it is not a bear trend anymore. The stock has a floor around the $ 20.18 (red line), and a purple trendline connecting the past three bottoms. This makes the situation hard for the bears, as if they want the stock to drop, they will need to defeat these points.
Although it is near a support level, we don’t have a clear bullish structure, like higher highs/lows. In addition, the volume must increase too in order to PLTR break this mid-term congestion. These two signs tell me that now it is not the time for PLTR to fly, but soon it’ll. It just needs to mature its movements a little bit longer.
Maybe next week, when we talk about it again, we’ll see something new. Meanwhile, remember to follow me to keep in touch with my daily updates, and if you liked this idea, then please, support it!
Thank you very much!
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