PALANTIR Held the Support but H&S looms. Trade with breakouts.

2023년 9월 28일

Palantir is trading sideways the past 6 weeks keeping the 1D technical outlook neutral (RSI = 47.834, MACD = -0.450, ADX = 41.012). It held once again the S1 Zone and this is certainly bullish for the short term especially en route to the R1 Zone, but unless invalidated, this is the formation of the RS of the the Head and Shoulders pattern. Having crossed under the 1D MA100 last week, enhances the selling sentiment, especially as long as the 1D MA50 acts as Resistance.

Scalping is favored inside R1 and S1 but long term trades can be taken outside of this range. Under the S1 Zone, we will sell and according to the H&S we will target the 1D MA200 (TP = 12.00). Over the R1 Zone, the H&S gets negated and we will buy, aiming for the R2 level (TP = 20.00).

A somewhat similar pattern from February to May broke higher after the dashed Resistance broke following a price hold on the S1 level.

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