PLTR: Critical reversal points! D & H charts.
Daily Chart:
Trend Continuation: PLTR is maintaining its bullish momentum as evidenced by its consistent move above the 21-day EMA (blue line), which has acted as a dynamic support throughout this uptrend. The price recently pulled back but bounced back after testing the $33.13 support level, which also aligns with previous top in August.
Key Support: The $33.13 level is crucial as it previously acted as resistance during the early stages of the current uptrend. A break below this level could signal a shift in market sentiment.
Momentum: The current price action is showing consolidation around the $36-$37 area, suggesting some short-term indecision, but the overall structure remains bullish as long as the price stays above the $33.13 level.
Hourly Chart:
Trend Line Support: The hourly chart shows a well-defined ascending channel. The lower trendline is acting as strong dynamic support, helping maintain the upward trajectory in this shorter timeframe. The price recently tested this trendline and bounced, showing respect for the ascending structure.
Potential Breakout: The price remains within the channel, continuing the trend. However, a breakdown below the trendline could introduce short-term bearish sentiment, especially if it falls below the $36-$35 area.
Resistance Levels: Immediate resistance lies around $38. If this level is broken, PLTR could test higher resistance levels, potentially near the channel's resistance, or even the ATH again.
Conclusion:
PLTR is continuing its bullish momentum, supported by both the 21-day EMA on the daily chart and the ascending channel on the hourly chart. Key support to watch remains at $33.13, while the $38 resistance could signal further upside if broken. If it loses the channel observed in the hourly chart downwards, it would trigger a short-term pullback to the critical support level around $33 seen in the daily chart.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
Trend Continuation: PLTR is maintaining its bullish momentum as evidenced by its consistent move above the 21-day EMA (blue line), which has acted as a dynamic support throughout this uptrend. The price recently pulled back but bounced back after testing the $33.13 support level, which also aligns with previous top in August.
Key Support: The $33.13 level is crucial as it previously acted as resistance during the early stages of the current uptrend. A break below this level could signal a shift in market sentiment.
Momentum: The current price action is showing consolidation around the $36-$37 area, suggesting some short-term indecision, but the overall structure remains bullish as long as the price stays above the $33.13 level.
Hourly Chart:
Trend Line Support: The hourly chart shows a well-defined ascending channel. The lower trendline is acting as strong dynamic support, helping maintain the upward trajectory in this shorter timeframe. The price recently tested this trendline and bounced, showing respect for the ascending structure.
Potential Breakout: The price remains within the channel, continuing the trend. However, a breakdown below the trendline could introduce short-term bearish sentiment, especially if it falls below the $36-$35 area.
Resistance Levels: Immediate resistance lies around $38. If this level is broken, PLTR could test higher resistance levels, potentially near the channel's resistance, or even the ATH again.
Conclusion:
PLTR is continuing its bullish momentum, supported by both the 21-day EMA on the daily chart and the ascending channel on the hourly chart. Key support to watch remains at $33.13, while the $38 resistance could signal further upside if broken. If it loses the channel observed in the hourly chart downwards, it would trigger a short-term pullback to the critical support level around $33 seen in the daily chart.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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