Naked Chart Trading: PLTR 8 May 2024

$Palantir (PLTR.US)$ share prices fell more than 15% yesterday after release of its QR despite a stronger-than-expected revenue and EPS in line with analyst estimates. This is likely because the firm, which builds big-data and artificial intelligence software for governments and corporations worldwide, also issued a weaker-than-expected guidance for the second quarter and full year.

As expected, share prices move toward future outlook instead of existing result. Let me look into its chart and see will this be a short term correction or a strong bearish reversal in this AI booming trend.

$Palantir (PLTR.US)$ Daily Chart

Palantir strong bull trend began at May 2023 from below USD8 to around USD27.50 on Mar 2024, which is more than 3 times gains within a year. However in Q1 2024, I saw a head & shoulder bearish reversal pattern and testing USD20 support level.

The share prices did tried rebound from USD20 level but failed again yesterday. Red and green candles are mixed, showed an indecisive trend, which may lead the share prices into sideway. I drawed a Fibo retracement using Jan 2024 to Mar 2024 bull wave.

the Fibo retracement showed that the share prices are moving between 23.6% to 61.8%, wait for further breakout. Strong support will be seen at 61.8% around USD19.80, close below to retest USD15.80 level. So there is a chance for the share prices to rebound around 61.8%.

Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more

Translate

Report

52K Views

Comment

Shin Moomoo MY

Trading is a mirror that reflects everything about myself 交易就是一面反映自身一切的镜子

3921Followers

63Following

5723Visitors