Palantir Stock: PLTR Stock Price Prepares for next phase of rally

• Palantir Stock Price (NYSE: PLTR) bounced back by taking support at the 50 day EMA.
• PLTR Stock Price showed a surprising rally in the past 2 months and up by 155% on YTD basis.
• Palantir Technologies Stock sustained above the 200 day EMA showcase uptrend.

Palantir Stock Price (NYSE: PLTR) rises 7% in a single day and is racing toward the 52 week high. It bounced back by taking support near to the 50 day EMA and formed a bullish continuation pattern.

PLTR Stock Price performed well in the past few months and up by 155% on YTD basis. The bullish momentum is still intact and any short term down move will have a high probability of bouncing back from support. 

Palantir Technologies released previous quarter earnings on May 8, 2023. The stock prices reacted positively after earnings and buyers succeeded to break out of the $10.50 hurdle. 

Palantir Stock Price gained positive momentum and began to rise upward by forming high candles. EMAs displayed a golden crossover which further boosted the confidence of investors. 

Recently, a few weeks ago the momentum halted near $17.00 and prices witnessed minor correction. However, the correction was temporary and prices showed a sharp bounce denoting bulls dominance on the lower levels. 

Palantir Stock Price closed the previous sessions at $16.30 with an intraday rise of 6.26%. The market capitalization stands at $34.92 Billion.

More rally left in Palantir Stock?

Palantir Stock Price is sustaining above the 50 and 200 day EMA showcase uptrend. However, the EMAs had gone far away from current price so minor retracement is possible. 

On the higher side, $17.00 will be acting as an immediate hurdle for bulls. If the buyers succeed to break the $17.00 hurdle then 15% to 20% more rally is possible in the coming month. 

On the other hand, if the price faces rejection from the hurdle then bears may try to retest the $13.50 level. 

Till PLTR Stock Price holds the $13.50 support any short term sell off is expected to be bought up. The technical analysis suggests, Palantir Stock Price rallied a lot and might spend some time in consolidation before continuing further momentum. 

PLTR Stock showed a steep rise 

PLTR Stock Price showed a steep rise and recovered the losses of the previous one year. The stock consolidated for quite a long time in a range and formed a base near $10.00. Therefore, the probability of continuing the upward momentum is high and downside risk is limited. 

The MACD curve sustains above zero line and reversing up. If prices rise further, then MACD might generate a positive crossover. The RSI at 66 sloping up denotes the strength of bulls and momentum is intact. 

Conclusion

Palantir Stock Price (NYSE: PLTR) is in bullish momentum and trading near to the 52 week high. If the buyers succeed to break the $17.00 hurdle then 15% rise is possible in a short span of time.

Technical levels

Resistance levels: $17.28 and $20.00

Support levels: $13.58 and $10.58

Disclaimer

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