On Thursday Palantir stock price gained impressive 20.44%StockInvest.us, 4 weeks ago
The Palantir stock price gained 20.44% on the last trading day (Thursday, 2nd Nov 2023), rising from $14.92 to $17.97. 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 6.33% from a day low at $17.21 to a day high of $18.30. The price has been going up and down for this period, and there has been a 5.33% 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, 118 million more shares were traded than the day before. In total, 169 million shares were bought and sold for approximately $3.03 billion.
On Sep 19, 2023, it was reported that Wedbush gave PLTR a "Outperform" grade with a "hold" action.
The stock lies in the upper part of a very wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $18.10 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 3.94% during the next 3 months and, with a 90% probability hold a price between $14.81 and $18.81 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, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $15.48 and $15.94. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 30, 2023, and so far it has risen 22.33%. 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 $17.04 and $15.41.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 $17.04. If this is broken, then the next support from accumulated volume will be at $15.41 and $15.25.
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 $1.09 between high and low, or 6.33%. For the last week, the stock has had daily average volatility of 4.42%.
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.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.Check full Palantir forecast and analysis here.