Palantir (PLTR) ‘building a stairway to heaven’; Is $40 next?

Palantir Technologies (NYSE: PLTR) has been on an impressive upward trajectory, further bolstered by the company’s strong Q2 2024 results.

Notably, the software firm’s stock is establishing itself above the $30 support level, with investors eyeing further upside. As of press time, Palantir was valued at $32, reflecting an impressive 4% gain in the last 24 hours. On the weekly chart, the artificial intelligence (AI) equity has rallied over 8%.

PLTR’s next target 

Amid the current bullish sentiment, analysis from charting platform TrendSpider highlights an upward trend that has led some to speculate whether the stock is on its way to hitting the $40 mark.

In an X post on August 16, TrendSpider’s analysis of PLTR’s weekly candlestick chart shows a pattern metaphorically described as “building a stairway to heaven.” This phrase refers to the series of higher lows and higher highs that the stock has been forming over the past several months. This pattern is typically viewed as a strong bullish signal, suggesting that the stock is steadily climbing, step by step, towards new heights.

According to the analysis, PLTR recently broke through a significant resistance level near $30, which had previously been a barrier for the stock on multiple occasions. The breakout was supported by strong volume, indicating robust investor interest and confidence in the stock’s upward momentum.

Palantir’s sales performance over recent quarters has also contributed to this climb, with the company consistently delivering positive growth. The latest quarter (Q2 2024) saw a sales increase of 25.3%, building on the momentum from previous quarters.

This solid financial performance is likely to reinforce the stock’s bullish trend as investors see continued potential in Palantir’s business model and market positioning.

PLTR key levels to watch 

With PLTR currently trading around $32, many investors are wondering whether the stock can continue its ascent to $40. The next major resistance level appears to be in the $35 to $37 range, where the stock previously faced selling pressure. If Palantir can break through this zone, $40 could very well be within reach.

However, it’s important to note that stocks rarely move in a straight line, and investors should be prepared for potential pullbacks or consolidations along the way. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.