Palantir stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session

The Palantir stock price gained 1.00% on the last trading day (Friday, 20th Sep 2024), rising from $36.83 to $37.20. During the last trading day the stock fluctuated 4.42% from a day low at $35.71 to a day high of $37.29. The price has risen in 9 of the last 10 days and is up by 22.65% 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, 37 million more shares were traded than the day before. In total, 91 million shares were bought and sold for approximately $3.39 billion.

On Sep 16, 2024, it was reported that Bank of America Securities 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 $35.87, a level that may pose a second chance to hit a runner. According to fan-theory $42.11 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $36.24 and $31.72. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, August 05, 2024, and so far it has risen 54.42%. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $34.60 and $29.28.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 $34.60. If this is broken, then the next support from accumulated volume will be at $29.28 and $28.67.

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 $1.58 between high and low, or 4.42%. For the last week, the stock has had daily average volatility of 3.63%.

The Palantir stock is extremely overbought on RSI14 (83). 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.

Palantir holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.