Hello traders and investors! Let’s see how PLTR is doing today!
First, it lost the ascending channel’s low that we mentioned last week, and this tells us that the bullish momentum is getting weaker. Doesn’t mean a reversal, neither that we are seeing a pullback, but that PLTR is resting.
In this case, we are having a Time Correction (when the price keeps moving sideways, as it can’t drop, but it can’t keep going up either). This scenario is quite realistic and it is a reasonable movement for PLTR right now.
The $ 25.23 is a key point for us, and maybe we can draw a purple trendline that could help us in the future, if PLTR drops more.
We have the idea of an Ascending Triangle here, but in the daily chart we have a Shooting Star just under its resistance, and this is not good. PLTR must deny this pattern quickly in order to not lose to the bearish pattern.
However, this wouldn’t be a reason to panic, as a pullback to the 21 ema would be acceptable, and wouldn’t ruin the bullish trend. My followers bought PLTR with me about a month ago, and I see no reason to panic, chart-wise or regarding the company’s fundamentals.
If you liked this idea, remember to follow me to get more updates on PLTR and other stocks!