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

The Palantir stock price gained 2.28% on the last trading day (Thursday, 24th Oct 2024), rising from $42.59 to $43.56. During the last trading day the stock fluctuated 2.51% from a day low at $42.66 to a day high of $43.73. The price has fallen in 6 of the last 10 days but is still up by 0.09% over the past 2 weeks. Volume fell on the last day by -711 thousand shares and in total, 34 million shares were bought and sold for approximately $1.47 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 Oct 17, 2024, it was reported that Wedbush gave PLTR a "Buy" grade with a "hold" action.

The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 67.76% during the next 3 months and, with a 90% probability hold a price between $67.44 and $76.24 at the end of this 3-month period.

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 $42.67 and $38.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, September 05, 2024, and so far it has risen 44.43%. 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.

On the downside, the stock finds support just below today's level from accumulated volume at $37.20 and $34.76.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 $34.76 and $34.60.

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 $1.07 between high and low, or 2.51%. For the last week, the stock has had daily average volatility of 2.95%.

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 Hold/Accumulate to a Strong Buy candidate.