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Palantir stock price ended on $24.51 on Thursday after gaining 3.86%

StockInvest.us, 3 weeks ago

Palantir

The Palantir stock price gained 3.86% on the last trading day (Thursday, 8th Feb 2024), rising from $23.60 to $24.51. 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 7.46% from a day low at $23.32 to a day high of $25.06. The price has risen in 6 of the last 10 days and is up by 48.91% over the past 2 weeks. Volume fell on the last day by -37 million shares and in total, 211 million shares were bought and sold for approximately $5.17 billion. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.

On Feb 06, 2024, it was reported that Mizuho Securities gave PLTR a "Neutral" grade with a "hold" action.

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 $19.51, a level that may pose a second chance to hit a runner.

Palantir

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 $19.45 and $17.40. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, January 05, 2024, and so far it has risen 53.38%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Palantir finds support from accumulated volume at $23.60 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 $1.74 between high and low, or 7.46%. For the last week, the stock has had daily average volatility of 9.04%.

The Palantir stock is extremely overbought on RSI14 (80). 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.

Check full Palantir forecast and analysis here.