PLTR: Will Support Hold for Tomorrow. (10/15/2024)

Key Levels and Observations:

Support Levels:

$42.63: This level continues to be a strong support, with the price respecting it multiple times. If it breaks, the next support to watch would be around $41.19.

$43.00: A minor support level that aligns with the current consolidation. If this holds, it could provide a good entry point for an upward move.

Resistance Levels:

$44.39: This is the same upper resistance zone from the previous analysis. It remains a key target for bulls if PLTR breaks higher. Any strong momentum above this level could lead to a push toward the $45 area.

Trendline:

There’s a clear ascending trendline providing additional support. Price currently sits close to this trendline, so any break below it could signal a bearish reversal or deeper pullback toward $42.63.

Volume and MACD:

Volume appears to be declining, indicating that the stock is consolidating. Watch for a volume spike in either direction to confirm a breakout.

The MACD is still in a neutral range, with little momentum. It would be important to watch for any crossovers or divergence to confirm a directional move.

Trading Plan for Tomorrow:

Bullish Scenario:

If the price stays above $43.00 and reclaims $43.50, watch for a potential move toward $44.39.

Entry: Above $43.50.
Target: First target $44.39, second target $45.00.
Stop-loss: Below $43.00.

Bearish Scenario:

A break below the ascending trendline and $43.00 could indicate a drop toward $42.63 or lower.

Entry: Below $43.00.
Target: First target $42.63, second target $41.50.
Stop-loss: Above $43.50.

Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always conduct your own research and consult with a financial advisor before making any trading decisions. Trading involves risk, and past performance is not indicative of future results.