Palantir stock forms bullish pattern targeting $80, but a pullback is brewing
The post Palantir stock forms bullish pattern targeting $80, but a pullback is brewing appeared on BitcoinEthereumNews.com.
After Palantir’s (NYSE: PLTR) stock hit a record high, technical indicators suggest the equity has more upside potential, but concerns are rising over the sustainability of this momentum. Currently, PLTR is trading at $44.86 after briefly reaching an all-time high of $45, while the market capitalization topped $100 billion for the first time. The company’s venture into artificial intelligence (AI) has contributed to Palantir’s rally, with the stock up 170% year-to-date. PLTR YTD stock price chart. Source: Google Finance The stock’s monthly chart displays a bullish “cup and handle” pattern, suggesting that PLTR might target another high near the $80 level to solidify its 2024 rally, according to stock trading expert SmartReversals in an X post on October 27. The analyst noted that the “cup” represents a period of accumulation as Palantir’s price steadily recovered from lows in 2022, reaching its current $44.86. The breakout point, around $45.07, marks the upper resistance level. If the handle forms and Palantir breaks above this resistance, it could initiate a bullish push toward the $80 target. However, the analyst cautioned that the handle does not always form. On the other hand, momentum indicators such as the Money Flow Index (MFI) and Relative Strength Index (RSI) reveal overbought conditions at 83.18 and 77.23, respectively. These elevated levels suggest the stock might face a short-term correction. PLTR’s stock bullish case Amid the potential for a sell-off, PLTR’s possible push past $45 will likely stem from the company’s upcoming Q3 2024 earnings report, scheduled for November 4. Expectations are high that the firm’s AI products for government and commercial clients will build on the $678.13 million revenue recorded in Q2 2024, a 27% year-over-year growth. Currently, the company’s full-year revenue guidance stands at $2.746 billion. Analysts like Dan Ives from Wedbush, who likens Palantir’s AI capabilities…
Filed under: News - @ October 27, 2024 5:10 pm