Palantir stock price up more than 6.15% on Monday

StockInvest.us, 1 month ago

Palantir

The Palantir stock price gained 6.15% on the last trading day (Monday, 17th Jun 2024), rising from $23.57 to $25.02. During the last trading day the stock fluctuated 6.87% from a day low at $23.45 to a day high of $25.06. The price has risen in 6 of the last 10 days and is up by 17.35% 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, 26 million more shares were traded than the day before. In total, 52 million shares were bought and sold for approximately $1.31 billion.

On Jun 17, 2024, it was reported that RBC Capital gave PLTR a "Underperform" grade with a "hold" action.

The stockhas broken the 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 $24.70, a level that may pose a second chance to hit a runner. According to fan-theory $29.63 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

Palantir

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 $23.70 and $22.21. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 10, 2024, and so far it has risen 21.46%. 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 $22.96 and $21.56.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 $22.96. If this is broken, then the next support from accumulated volume will be at $21.56 and $21.40.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.61 between high and low, or 6.87%. For the last week, the stock has had daily average volatility of 4.57%.

The Palantir stock is extremely overbought on RSI14 (77). 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 break-up from the falling trend indicates a possible shift for a trend. We believe that the prices around the breaking point will indicate particularly good levels, but we also believe that the current level will hold a possible good buy level for the short-term period.

Check full Palantir forecast and analysis here.