Palantir stock upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session

The Palantir stock price gained 4.67% on the last trading day (Thursday, 3rd Oct 2024), rising from $37.49 to $39.24. During the last trading day the stock fluctuated 5.05% from a day low at $37.40 to a day high of $39.29. The price has risen in 6 of the last 10 days and is up by 6.54% 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, 21 million more shares were traded than the day before. In total, 54 million shares were bought and sold for approximately $2.11 billion.

On Sep 27, 2024, it was reported that Wedbush gave PLTR a "Positive" grade with a "hold" action.

The stock lies in the upper part of a wide and strong 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 $39.74 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 42.66% during the next 3 months and, with a 90% probability hold a price between $45.67 and $56.69 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. 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 $37.35 and $34.13. 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 62.89%. 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 $37.20 and $34.60.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 $37.20. If this is broken, then the next support from accumulated volume will be at $34.60 and $31.00.

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 $1.89 between high and low, or 5.05%. For the last week, the stock has had daily average volatility of 3.82%.

Palantir holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.