PLTR: A very STRONG support level for PLTR!
Hello traders and investors! Let’s see how PLTR is doing today! It reported Earnings, and it is dropping sharply today, but how to proceed now?
First, since it lost the Key Point we discussed in my last analysis, it just dropped to hit the next target, which is the $ 28.07. If you missed my last analysis, just check the link below. The Key Point was the dual-support level made by the purple trendline and the gap support at $ 34.04.
The trend is clearly bearish, at least in the short-term, as the 21 ema is pointing down, but we don’t see clear lower tops/bottoms (except in smaller time frames), and the 21 ema is too far from the price. Since we just hit a support level, now is the best time for a bullish reaction. You might be asking, why is this black line a support level? The daily chart will tell you why:
The $ 28.07 was a previous top level for PLTR, and according to the Principle of Polarity, it is supposed to work as a support now.
Today we had a Gap (yellow rectangle) and the volume increased a lot, and since we are near a support level, this could be signs of exhaustion of the bear trend, and this gap could possibly be an Exhaustion Gap. This week we'll know what kind of Gap this is.
If PLTR loses this black line, the next target will be the $ 22.50 (green line, previous bottom), but it won’t be easy, as it’ll require a lot of strength for PLTR to hit there without a pullback first, at least in the 1h chart, given all the information we had: Possible exhaustion gap with high volume, near support level, and far from the 21 ema in the 1h chart. This is a quite strong support level.
But so far, we have no confirmation of any bullish reaction, so, we must be careful.
Let’s monitor PLTR closely, and if you liked this analysis, remember to follow me to keep I touch with my daily updates, and please, support this idea if it helped you!
Thank you very much.
First, since it lost the Key Point we discussed in my last analysis, it just dropped to hit the next target, which is the $ 28.07. If you missed my last analysis, just check the link below. The Key Point was the dual-support level made by the purple trendline and the gap support at $ 34.04.
The trend is clearly bearish, at least in the short-term, as the 21 ema is pointing down, but we don’t see clear lower tops/bottoms (except in smaller time frames), and the 21 ema is too far from the price. Since we just hit a support level, now is the best time for a bullish reaction. You might be asking, why is this black line a support level? The daily chart will tell you why:
The $ 28.07 was a previous top level for PLTR, and according to the Principle of Polarity, it is supposed to work as a support now.
Today we had a Gap (yellow rectangle) and the volume increased a lot, and since we are near a support level, this could be signs of exhaustion of the bear trend, and this gap could possibly be an Exhaustion Gap. This week we'll know what kind of Gap this is.
If PLTR loses this black line, the next target will be the $ 22.50 (green line, previous bottom), but it won’t be easy, as it’ll require a lot of strength for PLTR to hit there without a pullback first, at least in the 1h chart, given all the information we had: Possible exhaustion gap with high volume, near support level, and far from the 21 ema in the 1h chart. This is a quite strong support level.
But so far, we have no confirmation of any bullish reaction, so, we must be careful.
Let’s monitor PLTR closely, and if you liked this analysis, remember to follow me to keep I touch with my daily updates, and please, support this idea if it helped you!
Thank you very much.
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