Stronger technical forecast for Palantir stock price after Wednesday trading.StockInvest.us, 1 month ago
The Palantir stock price gained 0.81% on the last trading day (Wednesday, 1st Nov 2023), rising from $14.80 to $14.92. During the last trading day the stock fluctuated 3.31% from a day low at $14.48 to a day high of $14.96. The price has fallen in 6 of the last 10 days and is down by -13.26% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 13 million more shares were traded than the day before. In total, 51 million shares were bought and sold for approximately $761.25 million.
On Sep 19, 2023, it was reported that Wedbush gave PLTR a "Outperform" grade with a "hold" action.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Palantir stock with a 90% probability to be traded between $14.19 and $18.18 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
A buy signal was issued from a pivot bottom point on Monday, October 30, 2023, and so far it has risen 1.57%. 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. 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 $15.29 and $15.88. 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).
On the downside, the stock finds support just below today's level from accumulated volume at $14.15 and $14.14.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 $14.15. If this is broken, then the next support from accumulated volume will be at $14.14 and $14.00.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.480 between high and low, or 3.31%. For the last week, the stock has had daily average volatility of 4.30%.
Palantir is oversold on RSI14 (23). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
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.