PLTR: Navigating the Retracement for Nov. 19, 2024
Technical Analysis Overview: Palantir Technologies (PLTR) has entered a retracement phase, falling from recent highs near $67. Despite the pullback, critical support and resistance levels present potential opportunities for both scalpers and swing traders to capitalize on short-term and mid-term movements.
Price Action Insights:
Trendline Support:
A sharp rejection from $67 indicates sellers are in control. However, the current price around $60 approaches a strong trendline and horizontal support, signaling a possible rebound.
Key Levels:
Immediate Resistance: $63.50 — A break above this level could open the path to retest $67.
Critical Support: $58.50 — Failure to hold here may lead to deeper retracements toward $55.
Supply and Demand Zones:
Demand Zone: $58-$60 — Buyers are likely to step in, considering this region's historical strength.
Supply Zone: $65-$67 — Sellers are likely to defend this area, especially if momentum fades.
Order Blocks:
The consolidation between $58 and $63 serves as a key order block. Watch for price behavior within this zone for high-probability setups.
Indicator Analysis:
EMA Strategy:
9 EMA and 21 EMA: The bearish crossover suggests continued weakness, but the price stabilizing near these EMAs could signal a reversal.
MACD:
The MACD line approaches a potential crossover below the signal line. If confirmed, it could indicate a reversal of bearish momentum.
Game Plan for Scalping:
Entry Points:
Long: Above $61.50, targeting $63-$63.50.
Short: Below $58.50, targeting $57.
Exit Points:
Scalpers should lock in profits near key support and resistance levels for quick trades.
Game Plan for Swing Trading:
Bullish Scenario:
Entry: Above $63.50 with a breakout confirmation.
Target 1: $67; Target 2: $70.
Stop Loss: Below $60.
Bearish Scenario:
Entry: Below $58.50 on a breakdown with volume.
Target: $55.
Stop Loss: Above $63.
Thoughts and Suggestions: PLTR is at a critical juncture. For scalpers, focus on intraday price movements within the $58-$63 range. Swing traders should wait for confirmation of a breakout or breakdown before committing to positions. The current setup favors cautious optimism, with buyers likely to defend key support levels.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always perform your own due diligence before trading.
Price Action Insights:
Trendline Support:
A sharp rejection from $67 indicates sellers are in control. However, the current price around $60 approaches a strong trendline and horizontal support, signaling a possible rebound.
Key Levels:
Immediate Resistance: $63.50 — A break above this level could open the path to retest $67.
Critical Support: $58.50 — Failure to hold here may lead to deeper retracements toward $55.
Supply and Demand Zones:
Demand Zone: $58-$60 — Buyers are likely to step in, considering this region's historical strength.
Supply Zone: $65-$67 — Sellers are likely to defend this area, especially if momentum fades.
Order Blocks:
The consolidation between $58 and $63 serves as a key order block. Watch for price behavior within this zone for high-probability setups.
Indicator Analysis:
EMA Strategy:
9 EMA and 21 EMA: The bearish crossover suggests continued weakness, but the price stabilizing near these EMAs could signal a reversal.
MACD:
The MACD line approaches a potential crossover below the signal line. If confirmed, it could indicate a reversal of bearish momentum.
Game Plan for Scalping:
Entry Points:
Long: Above $61.50, targeting $63-$63.50.
Short: Below $58.50, targeting $57.
Exit Points:
Scalpers should lock in profits near key support and resistance levels for quick trades.
Game Plan for Swing Trading:
Bullish Scenario:
Entry: Above $63.50 with a breakout confirmation.
Target 1: $67; Target 2: $70.
Stop Loss: Below $60.
Bearish Scenario:
Entry: Below $58.50 on a breakdown with volume.
Target: $55.
Stop Loss: Above $63.
Thoughts and Suggestions: PLTR is at a critical juncture. For scalpers, focus on intraday price movements within the $58-$63 range. Swing traders should wait for confirmation of a breakout or breakdown before committing to positions. The current setup favors cautious optimism, with buyers likely to defend key support levels.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always perform your own due diligence before trading.
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