Palantir Next Level To Clear -> Above $29?
$Palantir(PLTR.US$ received a Buy rating and a $29 target price from Argus. The company, known for its software platforms aiding counterterrorism, has expanded into the commercial sector. Analysts expect its commercial business, particularly in the U.S., to drive future growth.
On 07 June and 12 June respectively, I have posted two article explaining why I would think that Palantir is teasing the breakout level around $23.80 and it could possibly go above $25.
Palantir Did Show That Last Few Session Turned For the Worse
In May after its earnings, we could see that there is actually volatility and this could be a sign of long term bearish signal. Palantir did try to test the 50-day MA period from below chart, but eventually failed.
After that I wrote the article on Palantir teasing $23.80 breakout level after seeing Palantir successfully went above the 50-day MA period.
Palantir MACD and KDJ Show Potential Upside For Longer
If we look at how Palantir have stayed above the $23.80 over the last few trading session, this could potentially help Palantir to stay above the $25 level.
As seen in chart below, we could see that MACD is still trending upwards and KDJ J value is making an upwards move, these indicators suggest a bullish upside is building up.
New Price Target Around $24.75
The breakout or price target have shifted to be around $24.75, as Palantir should be able to continue making an upside move. This could be also due to the disappearing of the descending triangle.
It has manifested into a cup-with-handle pattern, this pattern is often seen as a more bullish setup. We can also see that the MACD is in a better place, and that the daily MACD is decisively more bullish than it was two weeks ago.
The stock did finally retake its 50-day SMA, which has brought more institutional portfolio managers on board.
Summary
From the development that I have been following and written, it looked like Palantir is progressing in a positive direction to go higher to above $29. With the stock price staying above the 50-day MA period, this would give investors confidence, and the MACD is also decisively bullish than it was two weeks ago.
Appreciate if you could share your thoughts in the comment section whether you think Palantir is on its way to $29 and above?
Disclaimer: The analysis and result presented does not recommend or suggest any investing in the said stock. This is purely for Analysis.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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Rockaphobic : There's going to be a lot of indecisive movement. I believe that it has the potential of reaching $29, but in the long run. We will likely stay sideways until a major development. It will find bottoms again.
practical NyanCat_76 : Great write-up Bro. Likely as seen from the weekly.
10baggerbamm : daily is a breakout, weekly upper moving average 26.03 is resistance
103918829 10baggerbamm : EU Billing problem not resolved yet.
10baggerbamm 103918829 : didn't seem to have anything to do with it today did it so why would I have anything to do with it tomorrow or the next day or the day after that
Tonyco : 10 years later it MIGHT hit 29? It's just not worth it until leadership changes.