PLTR: A reaction near a support level!
Hello traders and investors! Let’s see how PLTR is doing today!
We had a Triangle pattern in the hourly chart, and we already discussed it in my last analysis (link below), and we had a downward breakout. I wasn’t convinced by this Triangle, and I was clear when I said that the pink line was the most important support for PLTR.
Well, the pink line did hold PLTR very well, and now PLTR is trying to react. Let’s see the daily chart:
What we have here is a Time Correction (when the price moves sideways, and the 21 ema hits it, instead of the price dropping to the 21 ema), and it looks like a Pennant chart pattern as well.
Again, the low volume indicates that this is just a healthy and harmless correction, and we don’t have any bearish sign around. If PLTR does a good candlestick with good volume, it could be the trigger of the next bullish leg.
The Pennant pattern is a very powerful pattern, and the odds are that PLTR will reach record levels in the next few weeks. And remember to follow me to keep in touch with my updates on PLTR and other stocks! And please, support this idea if you liked it!
Thank you very much.
We had a Triangle pattern in the hourly chart, and we already discussed it in my last analysis (link below), and we had a downward breakout. I wasn’t convinced by this Triangle, and I was clear when I said that the pink line was the most important support for PLTR.
Well, the pink line did hold PLTR very well, and now PLTR is trying to react. Let’s see the daily chart:
What we have here is a Time Correction (when the price moves sideways, and the 21 ema hits it, instead of the price dropping to the 21 ema), and it looks like a Pennant chart pattern as well.
Again, the low volume indicates that this is just a healthy and harmless correction, and we don’t have any bearish sign around. If PLTR does a good candlestick with good volume, it could be the trigger of the next bullish leg.
The Pennant pattern is a very powerful pattern, and the odds are that PLTR will reach record levels in the next few weeks. And remember to follow me to keep in touch with my updates on PLTR and other stocks! And please, support this idea if you liked it!
Thank you very much.
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