Palantir has soiled the bed.
Updated
Last 3 weeks PLTR has moved lockstep with QQQ. So, in my opinion, the macro condition of the market is putting too much downward selling pressure on PLTR and other growth companies for them to buck the trend. With that being said, PLTR is nearing another zone where the bleeding may stop, and that's the calculated bottom from the latest descending triangle. It's not shown on this chart, but the weekly RSI is also now in the oversold condition. This is far more rare than the daily bars, but in the current state of the market you should under no circumstances try and catch this falling knife. The truth is PLTR has blown through every support line in the past couple months and it's assinine to assume it'll stop at this one regardless of what any pattern or any indicator says.
If growth headwinds begin to subside then one can CONSIDER a bullish play on PLTR. If that's the case, the next earnings report may spark the new uptrend just as the last one was seemingly responsible for the current sell-off. Still love PLTR long term, but for now it may well continue to get swept towards oblivion like the rest of the Nasdaq growth companies.
If growth headwinds begin to subside then one can CONSIDER a bullish play on PLTR. If that's the case, the next earnings report may spark the new uptrend just as the last one was seemingly responsible for the current sell-off. Still love PLTR long term, but for now it may well continue to get swept towards oblivion like the rest of the Nasdaq growth companies.
Note
I'm an idiot, I did have the RSI on that chart. I wish Tradingview allowed you to actually see the chart of the individual security you were publishing at the time.
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