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- 1 PLTR stock price is down by 22% from the recent peak at $10.31.
- 2 Palantir stock rejected the 200 day EMA; struggles to hold the 50 day EMA.
- 3 Palantir Technologies Inc (NYSE: PLTR) stock lost gains generated after Q4 earnings.
PLTR stock price is down by 23% from the recent peak. It is trading below the 200 day EMA (downtrend). Palantir stock price volatility indicates speculative bets are more compared to genuine buying.
PLTR stock price closed the previous session at $7.87 with an intraday gain of $7.07. Market capitalization stands at $16.54 billion. At the end of January, Palantir stock (NYSE: PLTR) managed to trade above the 50 day EMA. Price showed signs of a short term bullish trend reversal. Later, PLTR stock began the upward journey by forming higher high candles. Prices shot up by 26% in a few weeks. However, In February, PLTR stock price witnessed minor profit booking from $8.00 ahead of its fourth quarter earnings.
Palantir Technologies (NYSE: PLTR) reported its fourth quarter results on February 13th, 2023 beating analysts’ estimated figures for EPS and revenue. After the earnings report, PLTR stock displayed a wild short covering rally, attempting to break out of $10.00. However, prices did not hold at the higher levels. Therefore, $10.00 will act as a hurdle level in the coming months. Later, PLTR stock gets strong rejection from the supply zone and reverses in the downward direction. Presently, the price is struggling to defend the 50 day EMA and does not show any strong signs of upside reversal.
Will PLTR Stock See a Turnaround?
PLTR stock price is near the demand zone of $7.00. An intraday bounce in price indicates that $7.00 will act as an immediate support level. However, if the overall market sentiment remains bearish, then the bears can again try to pull the price below $7.00 which may hurt long-term-investor sentiment. On the other hand, if the PLTR price manages to regain the $9.00 mark then the probability of retesting $10.00 will substantially increase.
Technical indicators are like MACD had generated a negative crossover indicating prices are likely to trade with bearish bias. The RSI at 48 sloping upward denotes neutral zone and balance between bullish and bearish position.
Conclusion
PLTR stock price is down by 23% from the recent peak of $10.31 and struggles to defend the 50 day EMA indicating weakness. Palantir stock technical analysis suggests that the price is near the demand zone and may see positive turnaround. However, the price will gain momentum only above the $9.00 level.
Technical levels
Resistance levels : $9.00 and $10.00
Support levels : $7.00 and $6.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
