PLTR's Breakout Rally: Scalping & Swing Setup for Nov. 11, 24
Palantir (PLTR) has shown a powerful breakout rally, climbing steadily within an upward trend channel on the 1-hour chart. The price action remains bullish, supported by strong volume. However, the stock is nearing the upper boundary of the trend channel, suggesting a potential pause or pullback before continuation.
Price Action Analysis:
Trend Channel:
PLTR is trending upward within a defined channel. The stock is currently approaching the upper trendline near the $59-$60 area, a potential resistance zone.
Watch for a pullback to the mid-channel line around $57-$58, where the 21 EMA provides dynamic support.
Support and Resistance Levels:
Immediate Resistance: $58.88-$60 is the upper trendline resistance. A breakout above could lead to a rapid move toward the next psychological level of $62.50.
Immediate Support: $57-$55 aligns with the mid-channel and EMA support, offering a good area for scalping bounce entries.
Key Level Below: $53.52 is a strong support area to watch for potential dip-buying if the trend breaks down.
Volume and MACD Analysis:
Volume shows healthy buying interest, but keep an eye out for any volume decline on a move higher, which may indicate weakening momentum.
The MACD histogram shows a slight bearish divergence, suggesting a possible consolidation or minor pullback before the next leg up.
Scalping Opportunities:
Long Scalp Entry: Consider entering long near $57 with a tight stop below $56, aiming for a quick push back to $59-$60 resistance.
Short Scalp Entry: If it struggles at $59-$60, a short scalp targeting the $57 support level could offer a quick profit.
Swing Trade Ideas:
A strong breakout and close above $60 could signal a swing trade toward the $62.50 target.
A breakdown below $55 could open the door for a swing trade to the downside, targeting the $53.52 support level.
Disclaimer:
This analysis is for educational purposes only and not financial advice. Always conduct your own due diligence before making trading decisions.
Price Action Analysis:
Trend Channel:
PLTR is trending upward within a defined channel. The stock is currently approaching the upper trendline near the $59-$60 area, a potential resistance zone.
Watch for a pullback to the mid-channel line around $57-$58, where the 21 EMA provides dynamic support.
Support and Resistance Levels:
Immediate Resistance: $58.88-$60 is the upper trendline resistance. A breakout above could lead to a rapid move toward the next psychological level of $62.50.
Immediate Support: $57-$55 aligns with the mid-channel and EMA support, offering a good area for scalping bounce entries.
Key Level Below: $53.52 is a strong support area to watch for potential dip-buying if the trend breaks down.
Volume and MACD Analysis:
Volume shows healthy buying interest, but keep an eye out for any volume decline on a move higher, which may indicate weakening momentum.
The MACD histogram shows a slight bearish divergence, suggesting a possible consolidation or minor pullback before the next leg up.
Scalping Opportunities:
Long Scalp Entry: Consider entering long near $57 with a tight stop below $56, aiming for a quick push back to $59-$60 resistance.
Short Scalp Entry: If it struggles at $59-$60, a short scalp targeting the $57 support level could offer a quick profit.
Swing Trade Ideas:
A strong breakout and close above $60 could signal a swing trade toward the $62.50 target.
A breakdown below $55 could open the door for a swing trade to the downside, targeting the $53.52 support level.
Disclaimer:
This analysis is for educational purposes only and not financial advice. Always conduct your own due diligence before making trading decisions.
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