PLTR Ascending Momentum: Dec. 6, 2024PLTR is trending higher, respecting an ascending channel. With recent bullish momentum and clear structural levels, this stock presents excellent opportunities for traders looking for scalping setups or longer swing trades. Here’s the detailed breakdown and playbook for today's session.
Market Structure Overview:
* Trend: PLTR is maintaining an uptrend, trading within a well-defined ascending channel.
* Current Price Action: Consolidating near $72, with potential to test resistance or retest key supports.
Key Levels to Watch:
* Resistance:
* $72.98: Immediate resistance from the upper channel line.
* $77.79: Key upside target if bullish momentum accelerates.
* Support:
* $67.30: Strong horizontal support and mid-channel level.
* $59.96: Major support near the channel base and a strong demand zone.
Liquidity Zones & Order Blocks:
* Liquidity Zones:
* Price may seek liquidity below $67.30 if the support is tested.
* Order Blocks:
* Bullish OB: $67.30-$70 zone, aligning with previous breakout support.
* Bearish OB: Near $73-$75, potential supply zone from prior rejections.
MACD & Volume Analysis:
* MACD: Momentum remains bullish, but the histogram is flattening, indicating slowing momentum. Watch for a bearish cross for signs of a pullback.
* Volume: Recent bullish candles show decent volume, supporting upward momentum. Declining volume in the consolidation phase suggests a potential breakout or breakdown is imminent.
Scalping Strategy:
* Entry:
* Look for quick scalps at $70-$71 if the price retests support and holds.
* Short scalps near $73 if price shows rejection.
* Exit:
* For longs, target $72-$73.
* For shorts, target $70-$69.
* Stop-Loss:
* Longs: Below $69.50.
* Shorts: Above $73.50.
Swing Trading Strategy:
* Bullish Play:
* Enter near $67-$68 support zone with bullish confirmation. Target $73, then $77 for swing plays.
* Bearish Play:
* If price fails to break above $73 convincingly, short with a target of $67-$68.
* Stop-Loss:
* For longs, set below $67.
* For shorts, above $74.
Game Plan for PLTR Trading:
1. Pre-Market Prep:
* Mark $73 as resistance and $67 as key support.
* Watch for macro news or sector-related updates that could influence PLTR.
2. Market Open Strategy:
* Wait for 15 minutes to gauge initial direction.
* Look for scalping opportunities at key levels.
3. Intraday Execution:
* Use the ascending channel as a guide for entries and exits.
* Avoid chasing the price near resistance without confirmation.
4. End of Day:
* Close intraday positions and assess swing trades for holding overnight.
Likely Direction:
* Bullish Scenario: A breakout above $73 could push PLTR toward $77 or higher.
* Bearish Scenario: Failure to sustain $70-$71 may lead to a pullback to $67 or even $60.
Disclaimer:
This analysis is for educational purposes only and is not financial advice. Always perform your own research and trade responsibly.
