PLTR: An Inflection Point Below the ATH!
Daily Chart (Left):
Resistance at $45: The price is near the all-time high level of $45. This is a significant resistance level where the stock may face selling pressure.
Support at $40.36: Immediate support lies at $40.36, which has been tested recently. This level could act as a key support zone if the price pulls back further, but it is also a possible bearish pivot point. If PLTR loses this key point, it could trigger a bearish reversal.
21-day EMA: The price is above the 21-day EMA, reflecting the ongoing bullish trend. The EMA has been acting as dynamic support for the stock during the recent uptrend. In addition to the $40.36 support line, this makes the area around $40 a double support level, reinforcing the importance of this key point.
Weekly Chart (Right):
Hanging Man Formation: The weekly chart shows a potential "hanging man" candlestick pattern near the all-time high, which can sometimes signal a bearish reversal if confirmed by further downside action. This formation suggests caution, as it could indicate that the bulls are losing momentum at these elevated levels. However, more often than not, this pattern acts as bullish continuation, according to Bulkowski's studies.
Trend Strength: The price has been in a strong uptrend, supported by the 21-week EMA. Even though the hanging man pattern raises concerns, the overall trend remains intact unless there’s a significant breakdown below support levels.
Conclusion:
PLTR is near a critical resistance zone of $45, which aligns with its all-time high. The daily chart still shows bullish momentum, but there is a possible pivot point at $40 that could reverse the trend. A successful breakout above $45 could lead to further upside, as the bullish trend continues. For now, we should watch for confirmation of the hanging man pattern, and if it'll lsoe our key support area before considering any bearish positions.
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.
Resistance at $45: The price is near the all-time high level of $45. This is a significant resistance level where the stock may face selling pressure.
Support at $40.36: Immediate support lies at $40.36, which has been tested recently. This level could act as a key support zone if the price pulls back further, but it is also a possible bearish pivot point. If PLTR loses this key point, it could trigger a bearish reversal.
21-day EMA: The price is above the 21-day EMA, reflecting the ongoing bullish trend. The EMA has been acting as dynamic support for the stock during the recent uptrend. In addition to the $40.36 support line, this makes the area around $40 a double support level, reinforcing the importance of this key point.
Weekly Chart (Right):
Hanging Man Formation: The weekly chart shows a potential "hanging man" candlestick pattern near the all-time high, which can sometimes signal a bearish reversal if confirmed by further downside action. This formation suggests caution, as it could indicate that the bulls are losing momentum at these elevated levels. However, more often than not, this pattern acts as bullish continuation, according to Bulkowski's studies.
Trend Strength: The price has been in a strong uptrend, supported by the 21-week EMA. Even though the hanging man pattern raises concerns, the overall trend remains intact unless there’s a significant breakdown below support levels.
Conclusion:
PLTR is near a critical resistance zone of $45, which aligns with its all-time high. The daily chart still shows bullish momentum, but there is a possible pivot point at $40 that could reverse the trend. A successful breakout above $45 could lead to further upside, as the bullish trend continues. For now, we should watch for confirmation of the hanging man pattern, and if it'll lsoe our key support area before considering any bearish positions.
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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