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- Palantir has recently landed a deal with british military of 75 Million Pound
- Technical indicators of PLTR are not supporting the upside. It is currently trading near $6.39
Palantir Technologies is a software company that provides data analytics solutions to various industries, including government, finance, and healthcare. The company was founded in 2004 by a group of entrepreneurs, including Peter Thiel, who is also a co-founder of PayPal.Palantir’s products are designed to help organizations extract insights and meaning from large, complex datasets. The company’s platform, known as Palantir Gotham, is used by government agencies, including the FBI and the CIA, to analyze and visualize data related to national security and counter-terrorism efforts. They have recently struck a deal with British Military of 75 Million Pound. Palantir’s other product, Palantir Foundry, is used by private sector companies to manage and analyze their own data.
Palantir went public through a direct listing on the New York Stock Exchange (NYSE) in September 2021. On its first day of trading, the company’s stock price surged more than 40% and it has continued to perform well in the months since. As of January 2021, Palantir’s market capitalization is over $20 billion, making it one of the most valuable software companies in the world.
Is PLTR Stock Not Ready For A Rally?
Palantir stock has been a strong downside move for quite a while.The weekly technical chart of PLTR suggests a downside momentum.On coming to the daily chart it is currently trading near $6.39 with a drop of 0.47%. Resistance of PLTR can be seen near $10. Meanwhile the support for the asset can be observed near $5. It is currently trading below the 50 and 100 DMA with an upcoming negative crossover.This can push the price to a new low. Various analysts are predicting a strong rise in the stock price.
Conclusion
Palantir Technologies is one of the most valuable software company in the world. PLTR stock price is currently in a downside move but 2023 can prove to be a great year for them.
Technical Levels
Major Support:$5
Major Resistance:$10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
