PLTR on the Rise: Key Levels to Watch for Nov. 14, 2024Palantir Technologies Inc. (PLTR) has been trending upward, but it’s approaching critical levels that could determine the next move. Here’s a deep dive into the price action, supply and demand zones, order blocks, and trade opportunities for scalping and swing positions.
Market Structure Overview:
PLTR has been on a steady uptrend, currently trading within a rising channel. The stock is approaching resistance levels, and momentum could either drive it to new highs or lead to a pullback if buyers show exhaustion.
Key Zones:
Demand Zone (Support): $60.00 - $61.00
This zone has consistently attracted buyers, providing support within the channel. If PLTR revisits this area and holds, it could be an ideal entry for long scalps or even swing trades.
Supply Zone (Resistance): $63.35 - $63.39
This range is the immediate overhead resistance, representing a psychological level that may test the strength of the current uptrend. A break above this range could signal bullish continuation, while rejection could lead to a short-term pullback.
Order Block Insight:
PLTR has formed an order block around the $62.00 level, which has served as a battleground in recent sessions. This area represents potential institutional interest, and reactions here may provide clarity on short-term direction.
Support & Resistance with Entry, Exit, and Stop Suggestions:
Immediate Support: $61.00
Long Entry: Look for entries near $61.00 on signs of a bounce, targeting exits around $62.50 and $63.00.
Stop-Loss: Below $60.50 to manage risk if PLTR breaks lower.
Immediate Resistance: $63.00
Short Entry: Near $63.00 if there’s rejection, with targets at $62.00 and $61.00.
Stop-Loss: Above $63.50 to protect against a breakout.
Swing Trade Setup:
Swing Long: Above $63.39, with targets at $64.50 and $65.50 if momentum continues.
Stop-Loss: Below $62.50 to reduce downside risk.
Swing Short: Below $60.00, aiming for $58.00 as the next support level.
Stop-Loss: Above $61.00 to control risk if PLTR reverses.
Price Action Insights:
PLTR’s price action indicates bullish momentum within the rising channel, but it’s nearing a critical resistance around $63. The MACD shows a mild bullish momentum, which aligns with the potential for an upward push if buyers remain committed. A failure to break $63, however, might lead to consolidation or a slight pullback.
Indicator Analysis (9 EMA & 21 EMA):
PLTR is currently trading above both the 9 EMA and 21 EMA, supporting the bullish outlook. If it stays above these EMAs, the uptrend should remain intact. A bearish cross or loss of these levels could prompt a short-term reversal.
Scalping & Swing Outlook:
Scalping: Look for quick long entries near $61.00 for bounces toward $62.50, or short entries around $63.00 if there’s resistance.
Swing: The key breakout level is $63.39. A strong push above could lead to extended gains. Conversely, a drop below $60.00 could signal a retracement to lower support levels.
Directional Thoughts & Suggestions:
Given PLTR’s current structure, it appears poised for a bullish continuation, especially if it can clear the $63 resistance. My suggestion would be to monitor reactions around $63.39 closely. If it fails to break, expect some consolidation within the channel or even a test of lower support. A breakout above $63.39 would favor longs targeting new highs within the channel.
Conclusion:
PLTR is at a decisive point, with clear levels for both bullish and bearish plays. Patience for confirmed moves and disciplined stops are essential here. The setup offers potential in both directions, so stay alert to reactions at key zones.
Disclaimer: This analysis is for educational purposes only and not financial advice. Please conduct your own research and consult with a financial advisor. Trading involves risks, and past performance does not guarantee future results.
