Trade of the Day - Palantir Technologies Inc. (NYSE: PLTR)
15 Mar 2024Trade of the Day
Palantir Technologies Inc. (NYSE: PLTR)
(Current Price: US$24.43) – TECHNICAL SELL
Sell stop: US$24.14 Stop loss: US$25.50 (-5.63%)
Take profit 1: US$22.30 (+7.62%) Take profit 2: US$20.30 (+15.91%)
(1) & (2): Palantir Technologies Inc. could break a short-term uptrend channel it is currently trading in, following a false breakout above the US$25.50 level, which provides a bearish signal
(3): The Moving Average Convergence Divergence (MACD) & Relative Strength Index (RSI) technical indicators support the bearish view with decreasing momentum, following bearish divergence signals with a lower high formed while the price made a higher high
We expect the price to pull back further upon breaking the uptrend channel, towards take profit level 1 at US$22.30 to retest a swing low support formed in late February
The price is expected to extend its bearish momentum towards take profit level 2 at US$20.30 to retest a horizontal support level formed during a gap up in early February, confluent with a previous swing high resistance in December 2023
The expected timeline of the trade is 1-8 weeks from the date of report issuance
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About the author
Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).
About the author
Zane Aw
Technical Analyst
PSR
I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).