Trade of the Day – Palantir Technologies Inc. (NYSE: PLTR) October 17, 2023 340

Trade of the Day

Palantir Technologies Inc. (NYSE: PLTR)

(Current Price: US$17.36) – TECHNICAL BUY

Buy price: US$17.36     Stop loss: US$16.50 (-4.95%)  

Take profit 1: US$19.00 (+9.45%)     Take profit 2: US$20.00 (+15.21%)    

 

 

 

Palantir has been forming a series of higher highs and higher lows in an uptrend channel recently after breaking out of a range consolidation resistance at US$16.30. The price retested the confluence of uptrend channel support and recent horizontal resistance level breakout of US$16.70 on 16th October with a bullish hammer candlestick. Palantir’s recent bullish trend is also reflected in both the Moving Average Convergence Divergence (MACD), and Relative Strength Index (RSI) technical indicators showing increasing momentum with higher highs formed.

Should the price continue its current uptrend, it could retest the first resistance level at US$19.00, which was a swing high formed in mid-July. It could then retest the next resistance at US$20.00 thereafter, which was the swing high formed in early August.

Expected timeline of the trade is 1-4 weeks from the date of report issuance.

This counter is available for CFD trading and is available on POEMS US Asian Hours, Singapore’s first platform to provide trading of US Equities during Asian Market opening hours (from 9am SGT). For more information, please click here, or scan below:

 

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About the author

Profile photo of Zane Aw

Zane Aw
Technical Analyst
PSR

I analyze the stock market and conduct technical analysis to provide investment recommendations. I look forward to having a conversation with you in our in-house seminars and presentations to identify good risk-reward trading strategies together. I graduated from Nanyang Technological University with a Bachelor of Accountancy (Honours).

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