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The Palantir stock price gained 0.662% on the last trading day (Thursday, 7th Nov 2024), rising from $55.50 to $55.87. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 5.45% from a day low at $53.55 to a day high of $56.47. The price has risen in 6 of the last 10 days and is up by 28.26% 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, 8 million more shares were traded than the day before. In total, 117 million shares were bought and sold for approximately $6.53 billion.
On Oct 17, 2024, it was reported that Wedbush gave PLTR a "Buy" grade with a "hold" action.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $49.11, a level that may pose a second chance to hit a runner. According to fan-theory $55.88 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
Mostly positive signals in the chart today. 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 $47.30 and $42.13. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, November 04, 2024, and so far it has risen 34.82%. Further rise is indicated until a new top pivot has been found. 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.
Palantir finds support from accumulated volume at $55.50 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 $2.92 between high and low, or 5.45%. For the last week, the stock has had daily average volatility of 5.64%.
The Palantir stock is extremely overbought on RSI14 (79). 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.
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. 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 period.
Check full Palantir forecast and analysis here.