Palantir stock upgraded to Strong Buy Candidate.

StockInvest.us, 1 week ago

Palantir

The Palantir stock price gained 1.73% on the last trading day (Monday, 8th Jul 2024), rising from $27.23 to $27.70. During the last trading day the stock fluctuated 4.27% from a day low at $26.84 to a day high of $27.99. The price has risen in 7 of the last 10 days and is up by 16.19% 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, 12 million more shares were traded than the day before. In total, 56 million shares were bought and sold for approximately $1.55 billion.

On Jul 08, 2024, it was reported that Citigroup gave PLTR a "Neutral" 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 $28.01 will firstly indicate a stronger rate of rising.Given the current short-term trend, the stock is expected to rise 16.99% during the next 3 months and, with a 90% probability hold a price between $27.06 and $32.77 at the end of this 3-month period.

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 $26.14 and $23.48. 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 34.47%. 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 $25.21 and $23.84.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 $25.21. If this is broken, then the next support from accumulated volume will be at $23.84 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 $1.15 between high and low, or 4.27%. For the last week, the stock has had daily average volatility of 3.46%.

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.

Check full Palantir forecast and analysis here.