Palantir Technologies’ (NYSE: PLTR) stock price shows bearishness, losing the gains below the key moving average of 50 days. Recently, PLTR stock gave a breakdown below the level of $15.70. Afterward, buyers did not hold the momentum and started unwinding their positions resulting in slippages in stock price.
Nevertheless, Palantir Technologies stock has stayed in an uptrend over the past months and formed the higher highs sequences. Presently, the price is hovering beneath the 50-day EMA.
Price action shows that Palantir Technologies is facing selling pressure, and the buyers are on the back foot. In contrast, sellers have a strong edge and continue to make short positions.
If Palantir Technologies can maintain above this level, the Palantir Technologies price could continue to rise and reach the first and second targets of $21.68 and $23.53 respectively. However, if it falls below this level, then it could hit the support levels of $16.31 and $12.78.
At press time, PLTR stock was trading at $15.45 with an intraday minor gain of 0.52% breaking below the 50-day EMA, showing bearishness on the charts.
Moreover, the intraday trading volume is 40.395 Million less than the average 10 days volume of 79.226 Million. The market cap of PLTR stock is 33.246 Billion.
The company performed well over the year. Year to date, the stock has given positive returns of 134.80% and 61.44%. In the last 1 month, it gave negative returns of -5.91% and in the last seven days, the returns were -7.82% indicating a pause in a long bullish trend.
Technical Analysis of Palantir Technologies Stock Price in 1-D Timeframe
Palantir Technologies stock is currently trading between the 50-day and 200-day SMAs. However, if selling pressure increases, the price could break below these SMAs and move lower.
The RSI indicator is currently at 42.10, which is in the neutral zone. However, the 14-day SMA is above the MACD line, which is a bearish signal.
The MACD indicator is also bearish, with the MACD line crossing below the signal line. This indicates that the Palantir Technologies stock is likely to fall in the near future.
Overall, the technical indicators suggest that Palantir Technologies’ stock is bearish in the short term. However, if it can maintain the $50 level, it could continue to rise in the long term.
Summary
Palantir Technologies (NYSE: PLTR) technical indicators also support the bearish trend as of now. The MACD, RSI, and EMA are emphasizing negative signs and imply a short downtrend in the PLTR stock price. The price action suggests that the investors and traders are still bullish on the 1-D time frame. The price action reflects a mild bearish outlook at the moment.
Technical Levels
- Support Levels: Nearest support levels are $16.31 and $12.78.
- Resistance Levels: Nearest resistance levels are $21.68 and $23.53.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Source: https://www.thecoinrepublic.com/2023/08/17/pltr-stock-is-it-time-to-buy-or-sell-palantir-technologies/