PLTR stock price bounced back from a short correction phase by breaking above the 50 EMA level. Palantir Stock is back in action by giving a spike of 4.36% in the last trading session. However, the stock price now needs the support of buyers to start a solid rally towards the $20 mark.
The sentiment before the earnings release was positive and the stock already gave good returns. After the earnings release, profit-booking can be seen on the chart. In August the stock corrected by almost 30%. After that, it consolidated between 50 and 100 EMAs for a while. Moreover, it took a pullback from 100 EMA gaining almost 16%. Presently, it is trading above the 50 EMA level.
Furthermore, last week PLTR stock price took a hike of 4.16% and in the last trading session, it took a surge of 4.26% signaling the presence of bulls.
In the previous quarter, the Palantir stock gave a total revenue of $533.32 Million with a net income of 28.13 Million and the profit margin was 5.27% showcasing a nominal growth as compared to the last quarter.
However, Palantir’s stock performance over the year was spectacular. Since the beginning of the year, it has given an excellent return of 139.97% and in the past 6 months, the returns were 102.18%, which is pretty solid.
Nevertheless, 13 analysts gave Palantir stock price a maximum target of $25 which is 55.33% above the current price and they gave a minimum target of $5 which is 68.33% below the current price of $15.79.
Will PLTR Stock Price Break Above $20 Level?
PLTR stock price took a reversal after defending above the $15 level. The stock price is currently trading above the 50, 100, and 200-day moving averages showing the signs of bullishness. Control of the trend is in the hands of bulls and they don’t want to lose it over bears.
RSI is heading towards the upside, trading above a median line at 52.34 points, showing the presence of bulls. However, it is currently in the neutral zone.
MACD shows a bullish crossover and is heading upwards as the green histogram also supports the bullish outlook.
Palantir Stock Price Showing Strength on Weekly Timeframe
On the weekly time frame, the PLTR stock price is bullish and has taken a reversal from the 100 EMA. Recently, the buying volume has increased in the stock giving a positive outlook. RSI is hovering above the median line close to the overbought zone. However, MACD is also in the bullish territory.
Summary
Palantir stock price action is showcasing bullish dominance in both 1-day and weekly time frames. The RSI, MACD, and EMAs also signal bullishness. Palantir stock price forecast implies that the stock price might break the $20 level in upcoming sessions.
Technical Levels
- Support Levels: S1 $5.57, and S2 $4.85.
- Resistance Levels: R1 $6.52, and R2 $7.23.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Source: https://www.thecoinrepublic.com/2023/09/12/pltr-stock-is-palantir-stock-ready-to-smash-the-20-mark/