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PLTR stock price crashed more than 3.59% in the last sessions and currently trades at $17.20. - 2
Palantir Technologies Inc. stock (NYSE: PLTR) price has recently witnessed a breakout after a two-month consolidation. - 3
Palantir stock price may retest the 50-day EMA on the daily chart.
Palantir Technologies Inc. (PLTR) stock price persists in a short-term bullish outlook. The PLTR stock price has recently witnessed a breakout after a two-month consolidation below the 50-day EMA and a round level of $15. The price has a resistance of $20 on the upper side that may act as a supply zone in the near term.
The long-term trend analysis of the Palantir stock price showcases that the stock has been in a time-wise correction phase in the current quarter. The price hovers in the range with major resistance at $20 and major support near $13.5.
Moreover, the last quarter was very fruitful for the PLTR stock investors as the stock price turned super bullish from the very start of the last quarter. The price then surged from a low of $8 to a high of $20, thus, gaining over 150% return.
The analysts offering a 1-year price forecast for Palantir Technologies have a maximum estimate of $25 indicating an upside potential of 45.35% from the CMP. The bearish outlook of the analysts expects a drawdown of 70.93% that could drag the price to a low of $5.
PLTR stock option-chain analysis states that the current implied volatility in the market is 76.46% with an increment of 2.78% in the last trading session. The at-the-money strike has an OI of 12,817 on the PUT side and 19,121 on the CALL side indicating the domination of sellers at the CMP.
PLTR Stock Price Breaks Accumulation of 2 Months
The Palantir stock price currently trades at $17.20 with a decline of 3.59% in the last session. The stock price has recently witnessed a breakout and is currently trying to sustain above the last breakout zone.
The bulls are losing at the CMP indicating that the stock price might retest the breakout zone to gain more buying volume and surge to hit a mark of $20. The long-term may remain neutral until the price trades below the $20 level. The breakout above the $20 level may turn the long-term trend bullish.
Technical Indicators Show Bullishness in Short-Term
The overall technical opinion rating including RSI and MACD signals an 88% “buy” with a weakening short-term outlook on maintaining the current direction.
Conclusion
Palantir stock price is bullish in the short term after breaking out of a two-month range above $15. The price may face resistance at $20, which could be a supply zone. The long-term trend is neutral until the price breaks above $20 which could signal a bullish trend.
The analysts have different estimates for the price in the next year, from $5 to $25. The price is currently at $17.20, down by 3.59% in the last session. The price may retest the breakout zone before moving higher.
Technical Levels
- Support levels: $15.76 and $13.63.
- Resistance levels: $18.15 and $20.24.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/10/19/palantir-stock-price-falls-3-59-can-pltr-stock-retest-50-ema/