Strong day for Palantir stock price on Friday rising 10.28% to $17.81

The Palantir stock price gained 10.28% on the last trading day (Friday, 28th Jul 2023), rising from $16.15 to $17.81. During the last trading day the stock fluctuated 7.35% from a day low at $16.74 to a day high of $17.97. The price has fallen in 6 of the last 10 days but is still up by 8.6% 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, 54 million more shares were traded than the day before. In total, 104 million shares were bought and sold for approximately $1.84 billion.

Jefferies is very positive about PLTR. The price target was set to 7.5 (Jan 05, 2023).

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 91.38% during the next 3 months and, with a 90% probability hold a price between $30.65 and $36.91 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 $16.69 and $15.94. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Tuesday, July 18, 2023, and so far it has fallen -1.49%. Further fall is indicated until a new bottom pivot has been found.

On the downside, the stock finds support just below today's level from accumulated volume at $16.30 and $14.71.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 $16.30. If this is broken, then the next support from accumulated volume will be at $14.71 and $14.69.

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 $1.23 between high and low, or 7.35%. For the last week, the stock has had daily average volatility of 4.98%.

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.