Stronger technical forecast for Palantir stock price after Wednesday trading

The Palantir stock price gained 1.39% on the last trading day (Wednesday, 13th Nov 2024), rising from $59.87 to $60.70. During the last trading day the stock fluctuated 5.91% from a day low at $59.85 to a day high of $63.39. The price has risen in 7 of the last 10 days and is up by 38.93% 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, 27 million more shares were traded than the day before. In total, 82 million shares were bought and sold for approximately $4.99 billion.

On Oct 17, 2024, it was reported that Wedbush 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 $53.34, a level that may pose a second chance to hit a runner. According to fan-theory $62.63 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 $57.40 and $44.70. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, November 04, 2024, and so far it has risen 46.48%. 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 is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $55.87 and $55.50.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 $55.87. If this is broken, then the next support from accumulated volume will be at $55.50 and $51.15.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $3.54 between high and low, or 5.91%. For the last week, the stock has had daily average volatility of 5.10%.

The Palantir stock is extremely overbought on RSI14 (83). 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.

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 Buy to a Strong Buy candidate.