PLTR: Are there any serious reasons to panic?
Hello traders and investors! Let’s talk about PLTR today!
The movement looks quite scary, but let’s see if there are reasons to worry. It seems PLTR is in the middle of a congestion, and the pink line at $ 25.08 is a support zone. As long as the price keeps above this line, I see no reason to worry.
Also, we had a clear Double Top at the green line ($ 29.40), and this is the next pivot point PLTR has to defeat in order to continue the bull trend. Let’s see the daily chart:
The daily chart suggests that we have a huge Pennant chart pattern, and usually, this is a continuation pattern. Also, the volume decreased, another characteristic of a Pennant.
Today, it seems PLTR just retested the 21 ema in the daily chart, and it is getting closer to the pink line at $ 25.08, and this is a natural movement, especially for a stock that is inside a congestion.
The bullish bias is still strong, and since PLTR is near a support level, I see this only as an opportunity to buy, as the Risk/Reward ratio is looking very good. But we must see some bullish patterns around here first.
And if you like this analysis, please, support it! And I invite you to follow me to keep in touch with my daily analyses!
Thank you very much, have a great week!
The movement looks quite scary, but let’s see if there are reasons to worry. It seems PLTR is in the middle of a congestion, and the pink line at $ 25.08 is a support zone. As long as the price keeps above this line, I see no reason to worry.
Also, we had a clear Double Top at the green line ($ 29.40), and this is the next pivot point PLTR has to defeat in order to continue the bull trend. Let’s see the daily chart:
The daily chart suggests that we have a huge Pennant chart pattern, and usually, this is a continuation pattern. Also, the volume decreased, another characteristic of a Pennant.
Today, it seems PLTR just retested the 21 ema in the daily chart, and it is getting closer to the pink line at $ 25.08, and this is a natural movement, especially for a stock that is inside a congestion.
The bullish bias is still strong, and since PLTR is near a support level, I see this only as an opportunity to buy, as the Risk/Reward ratio is looking very good. But we must see some bullish patterns around here first.
And if you like this analysis, please, support it! And I invite you to follow me to keep in touch with my daily analyses!
Thank you very much, have a great week!
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