- Palantir Stock price surged 21% in After hours session.
- PLTR stock price defended $7.00 support and showed signs of trend reversal.
- Palantir Technologies (NYSE: PLTR) beat EPS by 26% and revenue by 3.83%.
Palantir Stock price surged 21% approx in the After hours session due to positive earnings. It is expected that PLTR stock price will open gap up in the regular trading session near to the 200 day EMA. Moreover, if buyers succeed to hold the price above 200 day EMA then it will trigger the positive sentiment and rally might continue.
PLTR stock gap up seems to be huge and traders may also try to book the profits from higher levels. The stock price had consolidated for a few weeks in the range between $7.00 to $9.00. It is likely to give the next attempt for the breakout of a higher range to expand upward.
Palantir Stock price closed the previous session at $7.74 with an intraday rise of 4.45%. The market capitalization stands at $16.39 Billion. Palantir Technologies (NYSE: PLTR) released quarterly earnings on May 8, 2023. It reported the EPS of 0.05 vs the estimate of 0.04 and reported the revenue of $525.186 Million vs estimate of $505.824 Million.
Company succeed to meet the EPS estimates by 26.14% and revenue estimates by 3.83%. At the mid of February, Company released the previous quarter earnings and stock prices rallied up 33% approx in a short period of time. Investors seem to be expecting a similar type of pattern and rally in the coming week.
Will Palantir Stock hold the higher levels?
Palantir Stock witnessed a spike in the buying volume shows some genuine investors are turning bullish and expecting trend reversal. However, the confirmation of the trend reversal will come when buyers succeed to break the $10.00 hurdle. On the other hand if PLTR Stock gets rejected from the supply zone then it might remain in the consolidation zone.
The broader market index like Dow Jones and Nasdaq is turning bullish which may positively impact the prices of stock. The technical analysis suggests PLTR stock price is in bulls grip and possibility of holding the higher levels remains in favor of bulls.
Will PLTR stock break $9.00?
PLTR stock price has performed well in the past few months and generated decent returns for the long term investors. However, it has tried multiple times to break $9.00 but gets rejected shows sellers are still active on higher levels.
The technical indicators like MACD curve is reversing upward and on the way to generate a positive crossover. It indicates buyers are returning back to track and trend reversal is possible. The RSI at the 44 sloping upward denotes strength of bulls and more room for upside is open.
Conclusion
Palantir Stock price surged 21% approx in the After hours session and likely to open gap up near to 200 day EMA. NYSE:PLTR succeeded to meet the EPS as well as revenue estimates which boosted the confidence of long term investors. The technical analysis suggests PLTR stock is bulls grip and possibility of sustaining the higher levels is high.
Technical levels
Resistance levels : $9.00 and $10.31
Support levels : $7.00 and $5.91
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.