PLTR: TA for tomorrow (10/07/2024)

Price Action

Current Price: Around $39.92
Recent High: $40.29 – This is acting as immediate resistance. A breakout above this level could signal more upside potential.

Volume: Volume has picked up as PLTR moved upward, suggesting strength in the recent uptrend.

Support and Resistance Levels

Immediate Resistance:
$40.29 – A key level. If price holds and breaks above this, watch for continuation toward the next psychological resistance around $41.00.

Immediate Support:
$39.24 – This is a minor support level, close to the current price. If the price pulls back, this level could hold.

Stronger Support:
$37.63 – This is a significant support zone. If the price drops below $39.24, this level could see a bounce, given the recent consolidation and volume in this area.

Major Support:
$36.05 – This is a critical level. If price breaks below $37.63, watch for this zone for a strong reversal.

Entry and Exit Points

For Long (Buy) Position:
Entry: If price breaks above $40.29 with strong volume, a potential entry can be taken for a quick scalp or short-term trade.
Target: Next resistance level around $41.00-$41.50.
Stop-Loss: A stop-loss can be placed just below $39.24 in case of a breakdown.

For Short (Sell) Position:
Entry: If price struggles to break $40.29 and reverses, a short position could be entered around $39.90-$40.00.
Target: Price could drop to $39.24, and further to $37.63 if the support breaks.
Stop-Loss: Set a stop-loss above $40.50.

Direction
The stock is currently in a strong uptrend, with higher highs and higher lows. However, it's approaching a resistance zone. If it can break above $40.29, we could see continued momentum. Otherwise, a pullback towards $39.24 or $37.63 is likely if resistance holds.

If you're looking for a trend continuation, keep an eye on volume tomorrow at the open. A strong push with high volume above resistance would support a bullish bias.