Stock To Watch This Week: Palantir (PLTR). Why 20 is possible.

These are the news and what I think could have contributed to the nice Friday upside move.

News of Wedbush analyst Dan Ives initiated coverage on Palantir with an outperform (buy) rating and a $25 price target.

As we are still in early phase of AI revolution, the accelerating demand for AI will boost Palantir software demand over the next few years.

In this article, I would like to look at how Palantir would be performing in the coming week of 31 July by using Technical Analysis.

Palantir is currently in a very nice upside bull trend. I would expect the investors confidence to increase from Monday.

This would further push the price and the bullish trend stronger.

RSI momentum is good for Palantir. There is something to note though, as we can see that it is actually moving towards the overbought region.

It might not happen so soon, but it is worth to monitor.

ADX is between 20 and 40 indicate that Palantir is currently in a developing trend. +DI is above -DI by a narrow margin, this would mean that the strength is not that strong.

This is why I would think Palantir might be able to reach 20 this week but not beyond that. I would be looking out for any potential reversal that Palantir might have.

Looks like Palantir is forming a bullish reversal as we can see that dots is moving below the price. I would monitor the price action of Palantir trading on Monday (31 Jul) and see if it is building the bullish upside trend.

From what I have observed< I believe Palantir have potential to move upside next week as it should be entering into a bullish reversal and build on its current bull trend (as seen from SMA).

But do take note that there are some possibility of Palantir moving into the overbought region, though that will not be so soon.

Palantir is still in a developing trend as seen from ADX which make it tradeable. If you are considering to take a position, do monitor the price action on Monday (31 Jul).

Here is what I would set my target price to be : $17.25 to $17.50. If it goes below $16.75, I will hold on and look at the strength of the trend again.

If Palantir can cross $19, then $20 and beyond is possible,

Appreciate if you could share your thoughts in the comment section whether you think Gold is an investment you would consider to have in your portfolio.

Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.