Volatile ride for Palantir stock price on Wednesday moving between $21.38 and $23.87

The Palantir stock price gained 7.91% on the last trading day (Wednesday, 7th Feb 2024), rising from $21.87 to $23.60. During the last trading day the stock fluctuated 11.65% from a day low at $21.38 to a day high of $23.87. The price has been going up and down for this period, and there has been a 40.9% gain for the last 2 weeks. Volume fell on the last day by -170 million shares and in total, 248 million shares were bought and sold for approximately $5.86 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 Feb 06, 2024, it was reported that Mizuho Securities gave PLTR a "Neutral" grade with a "hold" action.

The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $18.97, a level that may pose a second chance to hit a runner.

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 $18.34 and $17.20. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, January 05, 2024, and so far it has risen 47.68%. 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 $21.87 and $19.71.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 $21.87. If this is broken, then the next support from accumulated volume will be at $19.71 and $17.77.

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 $2.49 between high and low, or 11.65%. For the last week, the stock has had daily average volatility of 8.12%.

The Palantir stock is extremely overbought on RSI14 (79). 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.

Palantir holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.