PLTR: Seeking the ATH! (D & W charts).
The daily chart of PLTR shows a strong breakout above the previous key resistance level at $29.83, which now acts as new support. The recent rally occurred after a pullback that tested the 21-day EMA, indicating a successful retest of support before the stock moved higher. The bullish momentum accelerated with a sharp rally, pushing the price towards $35, suggesting a potential continuation of the trend in the near term. However, we should watch for any signs of consolidation or pullback, as the stock is now approaching overextended levels following the recent surge.
The weekly chart highlights the stock's position within a clear ascending channel, where price action is trending upwards with consistent higher highs and higher lows. This pattern suggests that the overall trend remains intact, and the stock may continue to climb higher as long as it respects the channel boundaries. The next significant resistance level is the all-time high at $45, which could be the long-term target for bullish traders.
In conclusion, PLTR is displaying strong upward momentum, having successfully broken key resistance and maintaining its position within a bullish ascending channel. We should monitor the stock for any potential pullbacks, but the current technical setup indicates further upside potential, with the next major resistance being the all-time high at $45. Any pullback to the 21-day EMA or to teh $29 again would be ok, and possibly would offer another buying opportunity. PLTR's price would have to lose these suport levels in order to materialize a real pullback on the weekly chart.
Always buy near support levels, because the Risk/Reward ratio is optimized in such levels.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
The weekly chart highlights the stock's position within a clear ascending channel, where price action is trending upwards with consistent higher highs and higher lows. This pattern suggests that the overall trend remains intact, and the stock may continue to climb higher as long as it respects the channel boundaries. The next significant resistance level is the all-time high at $45, which could be the long-term target for bullish traders.
In conclusion, PLTR is displaying strong upward momentum, having successfully broken key resistance and maintaining its position within a bullish ascending channel. We should monitor the stock for any potential pullbacks, but the current technical setup indicates further upside potential, with the next major resistance being the all-time high at $45. Any pullback to the 21-day EMA or to teh $29 again would be ok, and possibly would offer another buying opportunity. PLTR's price would have to lose these suport levels in order to materialize a real pullback on the weekly chart.
Always buy near support levels, because the Risk/Reward ratio is optimized in such levels.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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