Palantir stock upgraded to Strong Buy Candidate

The Palantir stock price gained 0.386% on the last trading day (Tuesday, 17th Sep 2024), rising from $36.31 to $36.45. It has now gained 8 days in a row. It is not often that stock manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 3.29% from a day low at $35.87 to a day high of $37.05. The price has risen in 9 of the last 10 days and is up by 19.47% over the past 2 weeks. Volume fell on the last day by -12 million shares and in total, 62 million shares were bought and sold for approximately $2.26 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 Sep 16, 2024, it was reported that Bank of America Securities gave PLTR a "Buy" grade with a "hold" action.

The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at $35.29, a level that may pose a second chance to hit a runner. According to fan-theory $41.91 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.

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 $35.35 and $30.83. 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 20.86%. 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 $34.60 and $29.28.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 $34.60. If this is broken, then the next support from accumulated volume will be at $29.28 and $28.67.

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 $1.18 between high and low, or 3.29%. For the last week, the stock has had daily average volatility of 3.31%.

The Palantir stock is extremely overbought on RSI14 (80). 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.Since the Palantir has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Palantir stock to perform well in the short-term period.We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Strong Buy candidate.