Why Palantir Inventory Seems Like It is Prepared To Preserve Climbing

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Palantir Technologies Inc. (NYSE: PLTR) stocks traded lower on Monday.

Co-founder Peter Thiel may be forced to pull billions from its Roth IRA after House Democrats unveiled a tax package that would force distribution of individual retirement accounts, 401 (k) plans, and other $ 10 million retirement notes.

Thiel is co-founder of Palantir and Paypal Holdings Inc. (NASDAQ: PYPL).

Palantir fell 4.82% to $ 27.32 on Monday lunchtime.

See also: Palantir, PayPal co-founder Peter Thiel’s $ 5 billion piggy bank is under the hammer

Palantir daily chart analysis

  • The stock broke out of the ascending triangle pattern and held previous resistance as support. The stock may now take a second leg higher.
  • The $ 25 price level has been an area the stock has struggled to climb above in the past. With the price now above this area, this stock seeks to hold this level as a support area.
  • The stock is trading above both the 50-day moving average (green) and the 200-day moving average (blue), suggesting the stock is likely to be facing a period of bullish sentiment.
  • Any of these moving averages can be considered a potential area of ​​support in the future.
  • The Relative Strength Index (RSI) has risen over the past few weeks and is now at 62. This shows that more buyers have switched to the stock in the past few weeks.

What’s next for Palantir?

Bullish traders would like to see the stock push higher in the breakout. The bulls then expect a period in which the stock will cool down and consolidate sideways. After a period of consolidation, the stock could raise another leg.

Bears expect the stock to dip back below the $ 25 mark and push down. Bears look for the stock that has fallen below the higher low trendline.

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