Palantir Levels to Watch as Stock Hits Record High
1 hr 3 min ago
Palantir (PLTR) shares are likely to remain in focus today after jumping to a new high yesterday following news that the analytics software provider’s entire product suite has received approval for use in processing sensitive federal workloads.
Since breaking out from a pennant last week, Palantir shares have continued to trend higher, with gains accelerating following Tuesday’s news.
While the relative strength index confirms bullish price momentum above the 70 threshold, the indicator also flashes overbought conditions that could lead to short-term profit-taking.
The measuring principle, which calculates the distance of the impulsive trend that preceded the pennant and adds that amount to the pattern’s upper trendline, forecasts an upside price target in the stock of $89.
Investors should watch important support levels on Palantir’s chart around $58.50, $45, and $38.
Palantir shares were up 1% at $71.70 about an hour before Wednesday’s opening bell. The stock gained nearly 7% on Tuesday.
Read the full technical analysis piece here.
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