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A very strong day for Palantir Technologies Inc. stock price on Wednesday

StockInvest.us, 1 year ago


The Palantir Technologies Inc. stock price gained 6.03% on the last trading day (Wednesday, 2nd Jun 2021), rising from $23.06 to $24.45. , and has now gained 9 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 8.85% from a day low at $22.82 to a day high of $24.84. The price has risen in 8 of the last 10 days and is up by 15.11% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 34 million more shares were traded than the day before. In total, 86 million shares were bought and sold for approximately $2.10 billion.

On May 12, 2021 "Citigroup" gave "" rating for PLTR. The price target was changed from $15.00 to $170.00.Over the last 30 days, this security got 1 buy, 0 sell, and 0 hold ratings.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $23.42, a level that may pose a second chance to hit a runner. According to fan-theory $29.28 will be the next possible trendtop level and thereby pose a resistance level which may not be broken on the first attempt.


Mostly positive signals in the chart today. The Palantir Technologies Inc. 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 $22.57 and $21.80. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 13, 2021, and so far it has risen 33.10%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

Palantir Technologies Inc. finds support from accumulated volume at $23.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $2.02 between high and low, or 8.85%. For the last week, the stock has had a daily average volatility of 6.07%.

The Palantir Technologies Inc. stock is extremely overbought on RSI14 (85). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.Since the Palantir Technologies Inc. has been rising for 9 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Several short-term signals are positive and the break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.

Check full Palantir forecast and analysis here.