PLTR: The Unbreakable Bear Trend?
Hello traders and investors! Well, PLTR hit our target we discussed last week! And now it is trading slightly below it. If you missed my last public analysis on PLTR, the link to it is below this post. Let’s see how to proceed.
In the 1h chart we have a very strong bear trend, but PLTR is doing something new today. For the first time since it hit the green line at $ 27.45 it has been doing lower highs/lows, a typical trait of a bear trend. But today, it seems it is reacting near the support level at the black line at $ 21.07, breaking the lower highs/lows pattern.
This is not official, but if PLTR holds it there, and if it breaks the dual resistance area made by the purple trend line and the 21 ema, we could see a reversal ahead. What’s more, this could be a Double Bottom pattern in the 1h chart if it defeats the blue line at $ 23.03.
Now, let’s see the daily chart:
In theory, PLTR could drop a little bit more, to the red line at $ 20.18, but since it is doing some bullish reaction in the 1h chart, then that’s fine. Also, PLTR is sleeping, as in the past month the volume has been quite low. At some point, it’ll wake up, we just don’t know when.
It is a little too soon to say this, but if PLTR defeats the $ 27.41 the bear trend would be officially over, and this is a natural target for PLTR if it triggers the patterns mentioned in the 1h chart. But now it is too soon to trade it, as PLTR is a very dangerous stock and it is in a very delicate situation.
Let’s keep PLTR in our radar and wait for a good reaction. If you liked this idea, remember to follow me to keep updated about my daily studies, and please, support this idea if it helped you!
Thank you very much!
In the 1h chart we have a very strong bear trend, but PLTR is doing something new today. For the first time since it hit the green line at $ 27.45 it has been doing lower highs/lows, a typical trait of a bear trend. But today, it seems it is reacting near the support level at the black line at $ 21.07, breaking the lower highs/lows pattern.
This is not official, but if PLTR holds it there, and if it breaks the dual resistance area made by the purple trend line and the 21 ema, we could see a reversal ahead. What’s more, this could be a Double Bottom pattern in the 1h chart if it defeats the blue line at $ 23.03.
Now, let’s see the daily chart:
In theory, PLTR could drop a little bit more, to the red line at $ 20.18, but since it is doing some bullish reaction in the 1h chart, then that’s fine. Also, PLTR is sleeping, as in the past month the volume has been quite low. At some point, it’ll wake up, we just don’t know when.
It is a little too soon to say this, but if PLTR defeats the $ 27.41 the bear trend would be officially over, and this is a natural target for PLTR if it triggers the patterns mentioned in the 1h chart. But now it is too soon to trade it, as PLTR is a very dangerous stock and it is in a very delicate situation.
Let’s keep PLTR in our radar and wait for a good reaction. If you liked this idea, remember to follow me to keep updated about my daily studies, and please, support this idea if it helped you!
Thank you very much!
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