Palantir stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.StockInvest.us, 2 months ago
The Palantir stock price gained 0.93% on the last trading day (Friday, 22nd Sep 2023), rising from $14.00 to $14.13. During the last trading day the stock fluctuated 2.74% from a day low at $14.03 to a day high of $14.42. The price has been going up and down for this period, and there has been a -6.61% loss for the last 2 weeks. Volume fell on the last day by -26 million shares and in total, 46 million shares were bought and sold for approximately $652.52 million. 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 Sep 19, 2023, it was reported that Wedbush gave PLTR a "Outperform" grade with a "hold" action.
The stock lies in the lower of a very wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $13.98 is broken, it will firstly indicate a stronger fall rate.Given the current short-term trend, the stock is expected to fall -6.24% during the next 3 months and, with a 90% probability hold a price between $13.11 and $18.04 at the end of this 3-month period.
A buy signal was issued from a pivot bottom point on Thursday, September 21, 2023, and so far it has risen 0.93%. Further rise is indicated until a new top pivot has been found. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Palantir stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $14.95 and $15.33. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Palantir finds support from accumulated volume at $14.03 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.385 between high and low, or 2.74%. For the last week, the stock has had daily average volatility of 4.34%.
Palantir holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.Check full Palantir forecast and analysis here.