And we finish this week with 16% gains on PLTR! Not bad for a week! Now I sold it at the 24 area, as we already have been planning since last week.
Why did I sell it? First, it hit the target, the previous resistance. Second, the RSI was too overbought in the first 30min candle, around 90. Third, it hit the target by doing a huge candlestick, and usually this means we have an exhaustion bar.
We see better the resistance at 24 in the 4h chart. And the RSI was pretty overbought as well. Now, PLTR left some huge wicks above the last candles bodies.
All of this triggered a warning sign on my head to book profits. We’ll see what to do next week. I don’t see a short opportunity, but if it drops to the 21.93 or 20ma and does anything good, we might buy it again.
Anyway, I'll keep updating you about my insights on PLTR.
If you liked this trading idea, remember to click on the “Follow” button to get more trading ideas like this, and if you agree with me, click on the “Agree” button 😉.
You have a great analysis skills and you stick to your plans.
Do you use tier approach when booking profits and reset your stop-gain loss or all-out?
You deserve more followers.
UnknownUnicorn21312077
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@aveenav, U are very kind! TY for the support!
I like to mix strategies to exit my positions, some times I may sell all of it, some times I just set a trailing stop-gain. It depends!
flyerfan72
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Are u an Aussie?
Well. Thank u from the USA. I appreciate your explanation.
I am long on PLTR. i own 1000 @ $23.70 so not selling in the short term.
UnknownUnicorn21312077
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@flyerfan72, that's great! U r right. Long term, PLTR is keeper for sure.
But I'm not aussie, I'm curious to know why u think that!