February 20 Chart of the Day - Palantir
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Palantir Technologies Inc. (PLTR) builds and deploys software platforms for the intelligence community to assist in counter terrorism investigations and operations in the United States, the United Kingdom, and internationally.
We usually focus on charts with at least a decade of historical data, but due to overwhelming requests, we’re making an exception for this one.
Today, we’ll analyze it using price action technical analysis to identify any key levels of interest.
We have featured over 425+ Charts of the Day since May 2023 and teach Price Action Technical Analysis Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
On the monthly chart we can see that after setting its $125.41 all time high (ATH) earlier this month price is falling swiftly without much structure in sight.
Price potentially may want to re-visit its previous ATH in the $85 area. Otherwise there's only one other price action level of interest marked on the monthly view down around $45.
This type of volatile up/down price action can be really tough on the buy and hold investors but at the same time can be a traders haven!
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and the current selling pressure back down towards previous structure.
Trading around $106 earlier today price may take a breather in this price area before deciding to either move back to the upside or continue with the selling pressure.
We can see a potential pull back long zone of interest sitting roughly around $85 with additional price action tools trend and Fibonacci providing potential confluence in that area.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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