- Palantir stock price reclaimed 50 day EMA and races towards the 200 day EMA
- PLTR stock price recovered 38% from the 52 weeks low and forming a bullish reversal pattern
- NYSE : PLTR stock is up by 21% on the monthly basis
Palantir Technologies Inc [NYSE : PLTR] stock price is trading with the bullish cues and bulls are trying to reverse the positional trend by reclaiming the 200 day EMA. However, Q4 earnings are scheduled next week which will directly impact the direction of PLTR prices. The previous session of NYSE : PLTR stock price closed at $8.20 with the intraday gains of 5.40%
What’s cooking inside the PLTR stock before Q4 earnings ?
On a daily time frame, PLTR stock price had broken out of the 50 day EMA and rising upward while forming higher high candles, which shows that some speculative positions are building up and PLTR stock might give sharp one sided movement after the release of Q4 earnings.
Recently, PLTR stock price attempted to break down the 52 week low but luckily some aggressive buying triggers from the support zones and prices shot up 38% in a short span of time which shows that the responsive buyers are active at the lower levels and downside seems to be limited. On the other hand, PLTR stock races toward the supply zone and the 200 day EMA green will be a barrier for the bulls.However if price succeeds to break out of the 200 day EMA then we can say that the positional trend has reversed in the favor of bulls and price might rally towards the $10.00 mark.
The technical indicators of the PLTR stock like MACD which has generated a positive crossover indicating bullishness may continue in the coming days whereas the RSI at 69 denotes price may enter in the overbought which might turn out to be a matter of concern for the bullish traders. However, if any sell off triggers from the higher levels then $7.00 will act as a savior for the bulls.
PLTR financials are disappointing but the analyst expects that company is working hard to enter into the profitable club. According to data in Yahoo finance, An average earning estimate of Q4 stands at $0.03 and the average revenue estimate is $502.25M which shows that the company is improving and likely to show positive developments in the next quarter.
Summary
After analyzing the technicals of the PLTR stock, it seems like market players are super bullish and expecting the Q4 to beat the street estimates. However, prices are over extended and it will be better if it consolidates for some time before continuing the upward direction.
Technical levels
Resistance levels : $9.00 and $10.00
Support levels : $6.00 and $5.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/02/palantir-pltr-stock-price-prediction-pltr-stock-price-prepares-to-react-in-the-q4-earnings/