PLTR: Should we worry about it?
Hello traders and investors! Let’s talk about PLTR today!
The bull trend is very strong here, but is there any reason to worry about PLTR? Let’s see. First, I would use the black line at $ 33.50 as a guide, because if PLTR trades under it again, we may see a pullback ahead.
What’s more, if it loses this black line tomorrow, it’ll trigger a bearish pivot and a H&S chart pattern. The 21 ema worked as a resistance in the last few hours too, so this wouldn’t be a good sign for the short-term.
Let’s see if the daily chart has something else for us:
PLTR triggered an IH&S recently, when it defeated the black line at $ 28.07, and it did a powerful Ignition Bar, above the 21 ema, with good volume.
Now, despite the bearish signs in the hourly chart, I wouldn’t be too concerned here. See why the $ 33.50 is important? It was the previous ATH in November, and according to the Principle of Polarity, it is supposed to work as a support right now.
What’s more, even if PLTR loses this black line, the 21 ema is getting closer to the price, and this would be another support level, limiting the intensity of a sharper pullback here.
Also, the sudden increase of the volume is another very good sign, as the volume is the fuel to a trend. If we were having a sell-off, PLTR would drop with high volume. Since last month, I think PLTR is a nice buy, and you can check my previous analysis if you want, the link is below as usual.
And follow me to keep in touch with my daily studies, and please, support this idea if you liked it!
Thank you very much!
The bull trend is very strong here, but is there any reason to worry about PLTR? Let’s see. First, I would use the black line at $ 33.50 as a guide, because if PLTR trades under it again, we may see a pullback ahead.
What’s more, if it loses this black line tomorrow, it’ll trigger a bearish pivot and a H&S chart pattern. The 21 ema worked as a resistance in the last few hours too, so this wouldn’t be a good sign for the short-term.
Let’s see if the daily chart has something else for us:
PLTR triggered an IH&S recently, when it defeated the black line at $ 28.07, and it did a powerful Ignition Bar, above the 21 ema, with good volume.
Now, despite the bearish signs in the hourly chart, I wouldn’t be too concerned here. See why the $ 33.50 is important? It was the previous ATH in November, and according to the Principle of Polarity, it is supposed to work as a support right now.
What’s more, even if PLTR loses this black line, the 21 ema is getting closer to the price, and this would be another support level, limiting the intensity of a sharper pullback here.
Also, the sudden increase of the volume is another very good sign, as the volume is the fuel to a trend. If we were having a sell-off, PLTR would drop with high volume. Since last month, I think PLTR is a nice buy, and you can check my previous analysis if you want, the link is below as usual.
And follow me to keep in touch with my daily studies, and please, support this idea if you liked it!
Thank you very much!
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