PLTR respects the signals. You should too! See why!

2021年6月2日

Busy chart. Stick with me though and I'll explain why I see PLTR retracing one more time before we head off to +30 territory.

Lot's of bulls on here, and I'm with you - but I think we need to wait before we empty out the coffers and pledge our unwavering allegiance to Palantir.
Technical traders rely on the tenant that history will repeat itself. Let's look.

RSI:
For this idea, you can basically discount the top chart showing the actual price movement. I want to highlight how well PLTR respects RSI and MACD. Looking at the RSI channels I have highlighted in red and green, you can see the price action strongly correlates with overbought/oversold. I use 80 and 20 as my cutoffs. Keep in mind this is a 30-min chart, so the wacky-wild whips are taken into account. PLTR is a beast because you can trade it as a day-trade stock but you can also count on large movements over time.

I have added alert symbols at key overbought points. PLTR respects the overbought, big time. People take profit quite predictably and we see long stretches of retracement. Now, you can pair these with the price action on the top chart.

MACD:
MACD continues to be the most reliable indicator I've bet on. ...and it makes sense as the MACD really pops out the sentiment shifts! PLTR really seems to react to MACD crossovers that occur +-0.25. I don't know why that's the case - it's just clear as day though that longer-term shifts obey the call of the +-0.25 crossover events.
I've highlighted this zone in purple.

Putting it all together:
I've added vertical orange bars to signal nice shifts where we see BOTH a RSI and MACD confirmation event! For our purposes, let's look at the last orange bar. I spy a durdy little MACD crossover, as well as an oversold RSI event... I wanna be bullish with PLTR. I just need to wait though. You can see the insane support levels at 20 and 18 on everyone else's charts - it's been done 1000 times. Let's look beyond the veil of price action though and see what PLTR is telling us. Coy little stock...

I'll be buying big time when we see a retracement over the next week or two.
Like if you like. Not an expert - just my idea, and I take my ideas to the BANK!

Play this one carefully...
Good luck!