Palantir Technologies Inc. (NYSE: PLTR) is an American software company specializing in big data analytics. Palantir offers platforms like Palantir Gotham, used by defense and intelligence agencies; Palantir Foundry, designed for data integration and analysis across industries; and Palantir Apollo, which facilitates continuous software deployment. In April 2023, Palantir introduced the Artificial Intelligence Platform (AIP) to integrate large language models into secure networks. Recent earnings have surprised to the upside, reassuring investors that the company is able to monetize its services in an industry where many AI related and data analytic companies to not provide similar competitiveness.
At the moment, Palantir has seen a massive drop from the all time high, creating a potential ABC corrective structure with the 1-1 extension being around the $80 range.
I will be interesting in adding shares if Palantir can flush down to these levels in the coming days!
At the moment, Palantir has seen a massive drop from the all time high, creating a potential ABC corrective structure with the 1-1 extension being around the $80 range.
I will be interesting in adding shares if Palantir can flush down to these levels in the coming days!
Note
Orders filled Note
I want to be clear as well, as we have strong resistance including a gap level at $100 I will be taking profits on the way up. In the instance that we get a reversal , the trade will have been in profit Note
What I ultimately believe will happen, as we put in this final wave 5 is a liquidity grab (sfp) into the high before a larger drop to fill the gap below Note
Larger view Note
Current indicators Note
Looking nice. I have taken 10% off to cover my stopl loss and reduce my risk. Note
Looking for some strength if this wedge formation plays out. CPI day tomorrow, and the market does have potential to move Note
Getting the breakout as expectedNote
Looking for this overall breakout zone to hold at the 0.618 retracement here. Breaking below with a daily close would be very bearish Note
Lets bring it back to 90 Note
Watch out for the VWAP. There are quite a bit of sell orders in that zone. It would not be a surprise to see a pullback from that zone. Note
VWAP from the low is always an important indicator of the current trend Note
So far all going according to plan! Note
Power of moving averages Note
Nice take profit at $90, now waiting to see the reaction at the VWAPNote
If we break above, I will look to the daily vwap around $93. But this might be a cool-off zone for now before a further leg. As long as we hold the vwap from the lows, the probability would suggest more upside. Breaking it would be a warning sign. Note
Strong close today. If this is the local bottom, It would be nice to see the inverse of the drop start to play out. We'll see how it progresses. For now, the key for strength is for price to reclaim the downtrend vwap and move into the Gap Zone. From there, we would need to see buyers step in on the retest. Note
Taking another 10% on this rally to cover the stoploss! Will add more shares on major dips. For now lets see if the markets wish to recover. Note
Waiting to compound this trade if given the opportunity. I would like to compound at this price point. Note
And here we are 
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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.