- Palantir Technologies has shown a great jump in its Revenue and Net Income.
- Palantir Technologies is in a cash surplus of $2.86 billion which is a very positive sign for the company.
- HSBC Initiates a “HOLD” rating on the Palantir Technologies stock.
Palantir Technologies stock price has been rising sharply from the demand zone of $13.68. It seems like the stock has formed a W pattern on the daily time frame and is inching closer to completing the pattern. It is reacting strongly from the demand zone as the stock price has reversed more than 3 times till now. This indicates that the buyers are aggressively present at that level and create a swing position every time.
Palantir Technologies stock price has surged by over 110% in a year. This surge could be triggered by strong growth in the fundamentals. Palantir Technologies has delivered a strong revenue and a great reduction in net loss which is a great sign for the stock ahead. It has formed a bottom between the level of $10 and $6. The stock price has given a breakout from this level in the month of May 2023.
Palantir Technologies has been rated by the rating firm HSBC. It initiates the hold rating for the stock with a target price of $16. This showed a strong boost in the price as the price surged from $14 to $18 in a fraction of just 13 days. Palantir Technologies is still 16% away from its 52-week high level. Will the buyers prevail and help the stock to achieve this level? It will be interesting to watch.
Synopsis Of the Palantir Technologies Stock Chart
PLTR stock price is currently in a correction phase. However, if we look closer at the chart, it is clearly visible that buyers are still enjoying a great grip on the stock. It is trading well above the 50-day and 200-day Exponential Moving average, which is a positive sign for the stock as of now. The PLTR stock has witnessed a bullish crossover on the daily chart in May 2023. After that the stock has shown a very remarkable surge in price.
In this uptrend, the PLTR stock has created some demand and Supply zones. The resistance levels for the stock are present at the level of $20.36 and $25.94, which is marked as Resistance 1 and Resistance 2 on the chart. However, the support levels for the stock are present at the level of $13.93, $10.39 and $7.90.
A Short Overview of the Indicators Used in Technical Analysis
PLTR stock has faced a rejection from the upper level of the Bollinger Band. Palantir Technologies stock price has formed a strong bearish candle on the chart after creating 2 doji candles. The Band of the Indicator is expanding which indicates that the Stock is getting volatile now. If we examine the Relative Strength Index, it is curving at a 61.05 level which is considered bullish. However, the slope of the RSI is shifting down which shows that the bulls are losing the momentum.
Conclusion
PLTR stock has been rising on strong financial growth and several re-ratings by the rating firm. If the stock price continues this momentum, then the price can reach the level of $20.36. The stock might go down if it breaches the support level of $13.93 and can try to achieve the $10.39 level.
Technical Level
Resistance – $20.36 and $25.94
Support – $13.93 and $10.39
Disclaimer
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