Green day on Thursday for Palantir

The Palantir stock price gained 2.11% on the last trading day (Thursday, 29th Aug 2024), rising from $30.36 to $31.00. During the last trading day the stock fluctuated 4.36% from a day low at $30.49 to a day high of $31.82. The price has fallen in 6 of the last 10 days and is down by -0.7% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 million more shares were traded than the day before. In total, 38 million shares were bought and sold for approximately $1.19 billion.

On Aug 07, 2024, it was reported that Wedbush gave PLTR a "Buy" grade with a "hold" action.

The stock lies in the middle of a very 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 37.25% during the next 3 months and, with a 90% probability hold a price between $36.62 and $45.85 at the end of this 3-month period.

The Palantir stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $31.33. On a fall, the stock will find some support from the long-term average at approximately $28.98. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Wednesday, August 21, 2024, and so far it has fallen -4.73%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $29.28 and $28.67.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 $29.28. If this is broken, then the next support from accumulated volume will be at $28.67 and $26.59.

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 $1.33 between high and low, or 4.36%. For the last week, the stock has had daily average volatility of 3.27%.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Palantir stock to perform well in the short-term.