PLTR: Technical Analysis (TA) and GEX for December 20
Market Overview for December 19, 2024
Today’s market showed consolidation across major indices, with limited directional movement and investor caution following recent Federal Reserve policy updates. The S&P 500 and Nasdaq Composite experienced marginal declines, while the Dow Jones Industrial Average remained flat. Treasury yields exhibited mixed movements, reflecting a blend of economic resilience and sector-specific challenges.
Key highlights:
* Sector Movers: Darden Restaurants surged nearly 15% on strong results, while Lamb Weston and Micron Technology saw sharp declines.
* Sentiment: Caution persisted due to mixed economic data and limited clarity on 2025 rate cuts.
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Technical Analysis (TA) and GEX for PLTR
1. Key Levels (Based on Charts)
* Support:
* $72.00 (2nd Put Wall)
* $70.27 (Bearish channel support)
* $68.00 (3rd Put Wall)
* Resistance:
* $75.50 - Immediate resistance from today’s price action.
* $77.61 - Key GEX level.
* $80.00 - Highest positive NET GEX.
2. Price Action Insights
* PLTR’s price action suggests consolidation within a bearish descending channel on the hourly chart.
* Recent rejection near $75.50 indicates sellers defending this level.
* Intraday low volume suggests weaker momentum, aligning with a sideways trend.
3. Indicators Analysis
* 9 EMA and 21 EMA:
* Both EMAs are flattening, indicating a lack of strong momentum.
* MACD:
* Nearing a bearish crossover on lower timeframes, signaling potential downside pressure.
* Options Oscillator:
* Call activity dominates, with 83.9% calls indicating bullish sentiment, though it remains unconfirmed by price action.
4. GEX Analysis
* Key Gamma Levels:
* $75: 73% (2nd Call Wall) - Acts as a pivot level for tomorrow.
* $77: 52.26% (3rd Call Wall) - Bullish breakout above this level signals momentum.
* $72: 13.55% (-Put Wall) - First downside support.
* $70: Critical put support for bearish scenarios.
Trading Outlook for Tomorrow
Bullish Scenario:
* A break above $75.50 with strong volume can lead to $77.61 (GEX resistance) and potentially $80.
Bearish Scenario:
* Failure to hold $74 could result in a decline to $72 (Put Wall), with further downside to $70 in a bearish continuation.
Neutral/Range-Bound Scenario:
* Consolidation between $74 and $75.50, consistent with today’s activity, remains likely if volume stays muted.
Actionable Suggestions
* Entry:
* Bullish: Above $75.50 with targets at $77 and $80.
* Bearish: Below $74 with targets at $72 and $70.
* Stop-Loss:
* Long: Below $74.
* Short: Above $75.50.
* Scalping Opportunity:
* Monitor breakouts from the $74–$75.50 range for quick trades.
Disclaimer
This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk appropriately before trading.
Today’s market showed consolidation across major indices, with limited directional movement and investor caution following recent Federal Reserve policy updates. The S&P 500 and Nasdaq Composite experienced marginal declines, while the Dow Jones Industrial Average remained flat. Treasury yields exhibited mixed movements, reflecting a blend of economic resilience and sector-specific challenges.
Key highlights:
* Sector Movers: Darden Restaurants surged nearly 15% on strong results, while Lamb Weston and Micron Technology saw sharp declines.
* Sentiment: Caution persisted due to mixed economic data and limited clarity on 2025 rate cuts.
----------------------
Technical Analysis (TA) and GEX for PLTR
1. Key Levels (Based on Charts)
* Support:
* $72.00 (2nd Put Wall)
* $70.27 (Bearish channel support)
* $68.00 (3rd Put Wall)
* Resistance:
* $75.50 - Immediate resistance from today’s price action.
* $77.61 - Key GEX level.
* $80.00 - Highest positive NET GEX.
2. Price Action Insights
* PLTR’s price action suggests consolidation within a bearish descending channel on the hourly chart.
* Recent rejection near $75.50 indicates sellers defending this level.
* Intraday low volume suggests weaker momentum, aligning with a sideways trend.
3. Indicators Analysis
* 9 EMA and 21 EMA:
* Both EMAs are flattening, indicating a lack of strong momentum.
* MACD:
* Nearing a bearish crossover on lower timeframes, signaling potential downside pressure.
* Options Oscillator:
* Call activity dominates, with 83.9% calls indicating bullish sentiment, though it remains unconfirmed by price action.
4. GEX Analysis
* Key Gamma Levels:
* $75: 73% (2nd Call Wall) - Acts as a pivot level for tomorrow.
* $77: 52.26% (3rd Call Wall) - Bullish breakout above this level signals momentum.
* $72: 13.55% (-Put Wall) - First downside support.
* $70: Critical put support for bearish scenarios.
Trading Outlook for Tomorrow
Bullish Scenario:
* A break above $75.50 with strong volume can lead to $77.61 (GEX resistance) and potentially $80.
Bearish Scenario:
* Failure to hold $74 could result in a decline to $72 (Put Wall), with further downside to $70 in a bearish continuation.
Neutral/Range-Bound Scenario:
* Consolidation between $74 and $75.50, consistent with today’s activity, remains likely if volume stays muted.
Actionable Suggestions
* Entry:
* Bullish: Above $75.50 with targets at $77 and $80.
* Bearish: Below $74 with targets at $72 and $70.
* Stop-Loss:
* Long: Below $74.
* Short: Above $75.50.
* Scalping Opportunity:
* Monitor breakouts from the $74–$75.50 range for quick trades.
Disclaimer
This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and manage risk appropriately before trading.
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