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- 1 Palantir stock price (NYSE: PLTR) fell 24% in August 2023.
- 2 PLTR stock price defends $14.00 and is trying to regain the 50-day EMA.
- 3 Palantir Technologies Inc. stock spending time in the narrow range consolidation.
Palantir Technologies Inc. PLTR stock price corrected 24% (approx.) in August 2023. It faced sharp rejection from $20.00 and prices declined by forming lower candles.
Palantir stock price dropped below the 50-day EMA showcasing that the short-term trend is reversing down. However, the 200-day EMA slopes upward denoting bulls are active and the positional trend is still upward.
At the beginning of August, PLTR stock price tried to break the $20 hurdle with a strong volume. However, due to the strong presence of sellers, prices faced rejection and reverted down.
Palantir Technologies stock reacted negatively after the release of the previous quarter’s earnings. It fell 10% in a single day and caused further decline.
PLTR stock price is forming a double-top bearish pattern. However, the neckline of the double top is still not broken and buyers are trying their best to defend $14.00.
It will be interesting to see how prices react in the coming few sessions which will decide the next direction. Palantir stock price closed the previous session at $15.18 with an intraday rise of 1.34%. The market capitalization stands at $32.65 Billion.
Will PLTR Stock Price Recover or Decline Further?
Palantir Technologies Inc. PLTR stock price is in the correction phase and the dominance of sellers is visible. Presently, the prices are stuck in the narrow range and buyers are trying to form a short-term base.
Till the Palantir stock price sustains above $12.00, a short-term bounce is possible. But to regain the confidence of buyers the PLTR shares had to break the $18.00 hurdle.
On the other hand, if the PLTR shares price drops below $12 then it will turn bearish and more downside will open.
The technical analysis suggests that PLTR stock price has lost the bullish momentum so sellers are active. Therefore, Palantir’s stock price prediction for September is bearish.
Will Palantir Stock Price (PLTR) Breakdown the Neckline?
Palantir stock price (NYSE: PLTR) forms an inverted hammer candle on the weekly time frame. It shows that sellers are more active as compared to buyers. Therefore, any short-term bounce in PLTR share price will face difficulty in holding the higher levels.
The MACD curve sloping sideways indicating prices might continue to consolidate for some more time. The RSI at 47 denotes neutral territory and an equal level of tug-of-war between buyers and sellers.
Conclusion
Palantir Technologies Inc. PLTR stock price fell 24% in the previous month. It formed a double-top bearish pattern and eroded the gains of the past 2 months. The technical analysis suggests that Palantir’s stock price is in a correction phase and prediction for September is bearish.
Technical levels
- Resistance levels: $18.00 and $20.00
- Support levels: $13.64 and $12.01
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
