Weaker technical forecast for Palantir as stock downgraded to Buy Candidate.StockInvest.us, 1 month ago
The Palantir stock price gained 1.08% on the last trading day (Tuesday, 10th Oct 2023), rising from $17.61 to $17.80. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.43% from a day low at $17.62 to a day high of $18.40. The price has risen in 8 of the last 10 days and is up by 27.51% over the past 2 weeks. Volume fell on the last day by -5 million shares and in total, 99 million shares were bought and sold for approximately $1.76 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 Sep 19, 2023, it was reported that Wedbush gave PLTR a "Outperform" grade with a "hold" action.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $18.31 will firstly indicate a slower falling rate, but may be the first sign of a trend shift.Given the current short-term trend, the stock is expected to fall -10.70% during the next 3 months and, with a 90% probability hold a price between $11.65 and $16.35 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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 $16.33 and $15.34. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, September 26, 2023, and so far it has risen 27.51%. 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.
Palantir finds support from accumulated volume at $17.04 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.780 between high and low, or 4.43%. For the last week, the stock has had daily average volatility of 5.94%.
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.Check full Palantir forecast and analysis here.