PLTR Long Idea: Key Retest – Bullish Continuation in Sight? 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.
