Very red day for Palantir stock price after -5.28% fall in Tuesday trading session

The Palantir stock price fell by -5.28% on the last day (Tuesday, 8th Aug 2023) from $17.99 to $17.04. It has now fallen 5 days in a row. During the last trading day the stock fluctuated 8.63% from a day low at $16.10 to a day high of $17.49. The price has fallen in 7 of the last 10 days but is still up by 2.96% over the past 2 weeks. Volume has increased on the last day by 37 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 142 million shares were bought and sold for approximately $2.41 billion.

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

The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $16.61 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift.Given the current short-term trend, the stock is expected to rise 60.46% during the next 3 months and, with a 90% probability hold a price between $26.66 and $33.08 at the end of this 3-month period.

The Palantir stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $18.68. On a fall, the stock will find some support from the long-term average at approximately $16.52. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell 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, August 01, 2023, and so far it has fallen -14.76%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Palantir finds support from accumulated volume at $16.30 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 $1.39 between high and low, or 8.63%. For the last week, the stock has had daily average volatility of 6.82%.

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.