Palantir Technologies (PLTR) Cup with Handle

PLTR tries two days in a row to take pivot. Relative Strength is now in an improved position over the past two weeks without being technically overbought. The daily MACD is also more bullishly postured with the 12-day EMA curling away from the 26-day EMA and the histogram of the 9-day EMA still in positive territory. The only difference now from my last missive is that for a second day in a row, that pivot has been tested from below. Here, in my opinion is where the stock will either be rejected or will benefit from a slingshot-like burst of momentum.

Palantir Technologies (PLTR)

Target Price: $32
Pivot $26
Add: down to the 200-day SMA
Panic: On a loss of that 200-day SMA.

I believe my target price for PLTR is the second highest on Wall Street, only to Dan Ives of Wedbush who has a $35 target on the stock. Joseph Bonner of Argus Research would be third with a $29 target.

Disclaimer: I am long PLTR.