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The Palantir stock price gained 9.87% on the last trading day (Wednesday, 6th Mar 2024), rising from $23.81 to $26.16. During the last trading day the stock fluctuated 9.05% from a day low at $24.53 to a day high of $26.75. The price has been going up and down for this period, and there has been a 15.04% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 155 million more shares were traded than the day before. In total, 204 million shares were bought and sold for approximately $5.33 billion.
On Feb 06, 2024, it was reported that Mizuho Securities gave PLTR a "Neutral" grade with a "hold" action.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 49.33% during the next 3 months and, with a 90% probability hold a price between $35.50 and $40.87 at the end of this 3-month period.
The Palantir stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $24.71 and $21.19. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, February 21, 2024, and so far it has risen 15.04%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $24.51 and $23.60.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Palantir finds support just below today's level at $24.51. If this is broken, then the next support from accumulated volume will be at $23.60 and $21.87.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $2.22 between high and low, or 9.05%. For the last week, the stock has had daily average volatility of 5.23%.
Palantir holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Check full Palantir forecast and analysis here.