PLTR Technical Analysis – October 17, 2024

Current Price Overview:

Ask: 41.82
Bid: 41.81
Last Low: 40.36

Current Resistance: 42.86
Major Support: 40.37

Key Observations:

Trendlines & Price Action:
A descending trendline is visible, which suggests bearish pressure is dominant.
The price is hovering around the 41.82 region, consolidating after a sell-off.
If the 41.62 level (recent low) fails to hold, expect a retest toward 40.37.

Upward breakout potential: A move above 42.86 would signal bulls regaining momentum and could push PLTR toward 43.83 or higher.

Volume Analysis:
Lower volume near the consolidation suggests indecision or a pause in bearish movement.
However, a significant red candle with higher volume earlier indicates sellers were active. Be cautious about further downside unless buying volume picks up.

MACD Indicator:
The MACD histogram shows recent bearish momentum but no extreme divergence.
If the MACD line crosses above the signal line later in the day, a short-term reversal could occur.

Scenario Analysis for End of Day:

Bearish Case:
A breakdown below 41.62 may lead to a drop toward 40.37 support. If sellers dominate, expect a close near this level by day’s end.

Bullish Case:
If PLTR holds 41.82 and reclaims 42.86, we may see a late-day rally with a potential close near 43.50 or higher.

Trading Strategy:

Short Setup:
Enter short if 41.62 breaks with volume, targeting 40.37.
Use 42.00 as a stop-loss to manage risk.

Long Setup:
Consider a long position if the price reclaims 42.86, targeting 43.83.
Set a stop-loss below 41.50 to minimize risk.

Disclaimer:
This analysis is for educational purposes only and should not be considered financial advice. Always perform your own research and consult with a professional before making any trading decisions. Trading involves risks, and you may lose more than your initial investment.