Updated
PLTR Based on 4-Hour Chart 6/26/2024
Overview
Chart Timeframe: 4-hour
Current Price: $24.56
Volume Profile Indicator: Significant volume node around $24.61.
Trend: Recently corrected from a high of $26.60.
Key Levels:
Support: $22.86
Resistance: $24.61, $26.60
Indicators: MACD shows bullish momentum starting to build up.
Analysis
Trend Analysis:
The price has recently corrected but found support around $22.86.
There is a potential for a pullback to the previous support turned resistance at $24.61.
If the price can break above $24.61, the next target is around $26.60.
Volume Profile:
A significant volume profile node at $24.61 indicates strong resistance. Breaking above this level could lead to further gains.
MACD:
The MACD shows a potential bullish crossover, suggesting the start of upward momentum.
Possible Scenarios:
Bullish Case: If PLTR can break above $24.61 with good volume, it could target the next resistance at $26.60.
Bearish Case: If PLTR fails to break above $24.61, it might retest the support at $22.86.
Trading Strategy
For Long Position:
Entry Point: Around $24.61 on a confirmed breakout with high volume.
Target: $26.60
Stop Loss: Below $22.86 to minimize potential losses.
For Short Position:
Entry Point: Near $24.61 if the price shows rejection and fails to break through.
Target: $22.86
Stop Loss: Above $25 to minimize potential losses.
Summary
Key Levels to Watch:
Resistance at $24.61 and $26.60.
Support at $22.86.
Indicators:
Bullish momentum building up on MACD.
Action Plan:
Watch for a breakout above $24.61 with strong volume for a long position targeting $26.60.
If resistance holds, consider shorting with a target of $22.86.
Proper risk management is crucial. Use stop losses to protect against potential reversals. Adjust your strategy based on market conditions and new information.
Note
We hit target today. July 3.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.