PLTR: Two Bullish signs that you must keep in mind!
Hello traders and investors! Let’s study PLTR again today, as we have some interesting movements going on.
First, it lost the pink line that we discussed in my last analysis, so the short-term bear trend persists, but I wasn’t convinced that this would reverse the bull trend seen in the daily chart.
Palantir still must defeat the purple trendline and the 21 ema, which are offering some resistance to the price right now, but we have some good signs around.
We have what looks like an Island Reversal chart pattern, which is a reversal pattern, and it could be what PLTR needs to resume the bull trend in the daily chart. Speaking of daily chart:
If you are familiar with my trading approach, you know that I always do a Multi Time Frame Analysis, never looking at just one timeframe. Sometimes, an Island Reversal pattern can be another pattern in bigger timeframes, and in this particular case, what we have here is a candlestick pattern called Morning Star, which is also a reversal pattern.
Since the trend is bullish in the daily chart, and we have two bullish patterns, it seems that we just had a pullback on PLTR, as we were already expecting. If PLTR closes above the pink line it’ll be a good sign. Of course, in my opinion, it is a little too soon to say that PLTR will engage again in the furious bull trend seen in the daily chart, but at least it is stopping falling, and this is a good start.
What’s more, look at the volume of this Morning Star. This could be what PLTR needs to defeat the trend line in the hourly chart. And if this idea helped you, remember to follow me to keep in touch with my daily analyses, and please, support this idea!
Thank you very much.
First, it lost the pink line that we discussed in my last analysis, so the short-term bear trend persists, but I wasn’t convinced that this would reverse the bull trend seen in the daily chart.
Palantir still must defeat the purple trendline and the 21 ema, which are offering some resistance to the price right now, but we have some good signs around.
We have what looks like an Island Reversal chart pattern, which is a reversal pattern, and it could be what PLTR needs to resume the bull trend in the daily chart. Speaking of daily chart:
If you are familiar with my trading approach, you know that I always do a Multi Time Frame Analysis, never looking at just one timeframe. Sometimes, an Island Reversal pattern can be another pattern in bigger timeframes, and in this particular case, what we have here is a candlestick pattern called Morning Star, which is also a reversal pattern.
Since the trend is bullish in the daily chart, and we have two bullish patterns, it seems that we just had a pullback on PLTR, as we were already expecting. If PLTR closes above the pink line it’ll be a good sign. Of course, in my opinion, it is a little too soon to say that PLTR will engage again in the furious bull trend seen in the daily chart, but at least it is stopping falling, and this is a good start.
What’s more, look at the volume of this Morning Star. This could be what PLTR needs to defeat the trend line in the hourly chart. And if this idea helped you, remember to follow me to keep in touch with my daily analyses, and please, support this idea!
Thank you very much.
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