Long
Palantir Technologies (PLTR) tomorrow's trading 9/24/24
Price Action
Current Trend: PLTR is continuing its upward momentum, following a strong move that began earlier this month. It is currently trading near its recent highs around $38.19.
Price Range: The stock has formed a higher high and is near a significant resistance level, with potential consolidation or a breakout setup.
Support & Resistance Levels
Immediate Resistance:
$38.19, which marks today's high, is a key resistance level. A break above this could propel the stock toward $39 and beyond.
Above that, the next key resistance is around $40, which is both a psychological barrier and a potential breakout level.
Immediate Support:
The $37.43 level is immediate support, followed by $36.00, which is a key support zone. If PLTR sees a pullback, this level could provide buying opportunities.
If the stock breaks below $36, the next strong support is around $35.73, which is near the previous trendline support.
Volume & Indicators
Volume: There has been consistent buying volume as the stock has moved higher, indicating strong bullish sentiment.
Momentum Indicators: Momentum indicators suggest the stock is still in an uptrend, but nearing overbought conditions. This implies that while PLTR could continue higher, a pullback or consolidation may occur soon.
Outlook for Tomorrow
Bullish Scenario: A break above $38.19 could see PLTR testing the $39 to $40 level. Watch for increased volume on a breakout to confirm sustained buying pressure.
Bearish Scenario: If PLTR fails to break above $38.19 and sees a reversal, it may test support at $37.43, with further downside potential toward $36.00 if selling pressure increases.
Suggestion
For Bullish Traders: Look for a breakout above $38.19 for a momentum trade. If the stock breaks out with volume, targets could be $39 to $40.
For Bearish Traders: Watch for a rejection near the resistance level and a potential reversal. If PLTR fails to hold $37.43, there could be an opportunity to short the stock toward $36.00.
Overall, PLTR's price action suggests a continuation of its uptrend, but traders should be cautious as the stock is approaching resistance, and overbought signals could lead to a short-term pullback.
Current Trend: PLTR is continuing its upward momentum, following a strong move that began earlier this month. It is currently trading near its recent highs around $38.19.
Price Range: The stock has formed a higher high and is near a significant resistance level, with potential consolidation or a breakout setup.
Support & Resistance Levels
Immediate Resistance:
$38.19, which marks today's high, is a key resistance level. A break above this could propel the stock toward $39 and beyond.
Above that, the next key resistance is around $40, which is both a psychological barrier and a potential breakout level.
Immediate Support:
The $37.43 level is immediate support, followed by $36.00, which is a key support zone. If PLTR sees a pullback, this level could provide buying opportunities.
If the stock breaks below $36, the next strong support is around $35.73, which is near the previous trendline support.
Volume & Indicators
Volume: There has been consistent buying volume as the stock has moved higher, indicating strong bullish sentiment.
Momentum Indicators: Momentum indicators suggest the stock is still in an uptrend, but nearing overbought conditions. This implies that while PLTR could continue higher, a pullback or consolidation may occur soon.
Outlook for Tomorrow
Bullish Scenario: A break above $38.19 could see PLTR testing the $39 to $40 level. Watch for increased volume on a breakout to confirm sustained buying pressure.
Bearish Scenario: If PLTR fails to break above $38.19 and sees a reversal, it may test support at $37.43, with further downside potential toward $36.00 if selling pressure increases.
Suggestion
For Bullish Traders: Look for a breakout above $38.19 for a momentum trade. If the stock breaks out with volume, targets could be $39 to $40.
For Bearish Traders: Watch for a rejection near the resistance level and a potential reversal. If PLTR fails to hold $37.43, there could be an opportunity to short the stock toward $36.00.
Overall, PLTR's price action suggests a continuation of its uptrend, but traders should be cautious as the stock is approaching resistance, and overbought signals could lead to a short-term pullback.
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.