Hello traders, Palantir has been hit hard lately and I am sure many of us got stuck or lost in the process (I am one of you :)). Let's Forget, forgive, learn and move forward!
I anticipate the bounce from the support around $24.5 (strong support from 21-Jan-2021) to continue today and next week probably. We got some clues that the selling is running out of steam for now at least. One indication would be the huge buying volume formed at the support hour indicating buyers are stepping in; another indication would be the RSI bullish divergence as indicated in the chart.
From here I expect the price to rise to to the first target zone in the chart around $27.5 then probably pull back a bit before moving higher to the next target around $29.5. This gives us a potential 20% upside target; even if you get half of it that would be a nice trade. Stop loss can be placed below $24 or if more conservative below $22.
We will have to see the price action around the target zones to judge our next moves.
Please share your thoughts and good luck with your trades!
I anticipate the bounce from the support around $24.5 (strong support from 21-Jan-2021) to continue today and next week probably. We got some clues that the selling is running out of steam for now at least. One indication would be the huge buying volume formed at the support hour indicating buyers are stepping in; another indication would be the RSI bullish divergence as indicated in the chart.
From here I expect the price to rise to to the first target zone in the chart around $27.5 then probably pull back a bit before moving higher to the next target around $29.5. This gives us a potential 20% upside target; even if you get half of it that would be a nice trade. Stop loss can be placed below $24 or if more conservative below $22.
We will have to see the price action around the target zones to judge our next moves.
Please share your thoughts and good luck with your trades!