(PLTR) – Palantir’s stock may have just broken out of the old bearish pattern

Palantir Technologies Inc. (NYSE: PLTR) rose 8.91% on Tuesday to close out at $ 25.42.

Palantir closed up 8.91% on Tuesday at $ 25.42.

Palantir Daily Graph Analysis: The daily chart shows that Palantir is trading in a channel. The stock appears to have broken above a head and shoulders pattern previously written about.

The chart appears to have support near the USD 20 level. This is an earlier level of resistance where the stock was able to break out and later found support almost multiple times. This area may again be used as support in the future.

The stock has shown resistance near the USD 30 level several times. The stock was able to move above this level for a while, but when it fell back to the level to test it as support, it didn’t hold up.

What’s next for Palantir? Bullish technical traders would like to see stocks hit higher lows all the way to resistance level. If the price is able to move above the resistance level and consolidate, the stock could potentially see further upward movement in the future.

Bearish technical traders would like the stock to fall back to support levels and not hold. A cross below support level with some consolidation could show the stock further downward pressure.

Photo Courtesy: Cory Doctorow via Flickr

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Source