PLTR - Take The Money And RunIts been a long time since my client entry for PLTR back at $7 .
And now the ATH resistance is approaching.
...
PLTR printed a very tidy descending channel with strong bullish RSI divergence in the bear market.
And it had a strong breakout.
But in the uptrend it has printed an ascending channel and that is a little sign of weakness.
Of course it has then continued on up with a very strong uptrend...
But often you do get blow off phases out of ascending patterns.
And that becomes a bull trap shakeout.
From there the pattern collapses below the lower trendline:
And so that is what I think is the most probable outcome here:
This is a blow off phase and at some point down the road PLTR will fall below the lower ascending trendline.
Other factors that signal a top here are the RSI that is oversold on every time frame from the hour chart to the 3 month chart.
And it is just touching into the 2 point 1.618 extension Golden Window (1.618 - 1.786).
So this is the sell zone here and I have begun profit taking.
Once it hits ATH there may be significant sell pressure as many traders will exit there.
And in the end it may get up as high as the 1.786 overshoot ratio @$53.
But for me this trade is close to complete here.
Its been a really great run.
Title is a lyric and none of this content is advice
