Palantir (PLTR) has successfully closed the gap between $100 and $84 and is now retesting multiple key technical levels that could define the next move.
Technical Setup:
Previous All-Time High (ATH) & Resistance: The stock is currently retesting the $84.79 level, which previously acted as resistance.
Fibonacci Retracement (0.618 Level): This key level aligns with historical price action, adding confluence for a potential bounce.
Bullish Scenario: If PLTR confirms this level as support, we could see an impulse wave forming towards the next key levels.
Upside Targets:
Fibonacci Extensions:
0.382 Fib: Intermediate resistance
0.5 Fib: Mid-level retracement
0.618 Fib & Previous ATH ($123): Strong resistance area
A successful hold above $84.79 could trigger the next leg up, making these fib levels potential price targets.
Risk-Reward Perspective:
This setup presents an asymmetric risk-reward opportunity, favoring upside continuation if confirmation holds. Given the technical confluence, this is a trade setup I would take 9 times out of 10.
Conclusion:
A clean retest and hold of the $84.79 level could fuel bullish momentum, paving the way for higher price targets. Watching for a breakout confirmation before entering.
Technical Setup:
Previous All-Time High (ATH) & Resistance: The stock is currently retesting the $84.79 level, which previously acted as resistance.
Fibonacci Retracement (0.618 Level): This key level aligns with historical price action, adding confluence for a potential bounce.
Bullish Scenario: If PLTR confirms this level as support, we could see an impulse wave forming towards the next key levels.
Upside Targets:
Fibonacci Extensions:
0.382 Fib: Intermediate resistance
0.5 Fib: Mid-level retracement
0.618 Fib & Previous ATH ($123): Strong resistance area
A successful hold above $84.79 could trigger the next leg up, making these fib levels potential price targets.
Risk-Reward Perspective:
This setup presents an asymmetric risk-reward opportunity, favoring upside continuation if confirmation holds. Given the technical confluence, this is a trade setup I would take 9 times out of 10.
Conclusion:
A clean retest and hold of the $84.79 level could fuel bullish momentum, paving the way for higher price targets. Watching for a breakout confirmation before entering.
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.
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.