PALANTIR Correction starting. Short or wait to buy on that level

30 Agu

Palantir Technologies (PLTR) have been trading within a Channel Up since the May 04 2023 Low. Last week the price reached the pattern's top (Higher Highs trend-line) and technically we expect that to be the end of the recent Bullish Leg, as also indicated by the Sine Waves.

Naturally we anticipate a medium-term pull-back in the form of a Bearish Leg. The previous 3 Bearish Legs have been under the form of Lower Highs that broke below the 1D MA50 (blue trend-line) and hit at least the 1D MA100 (green trend-line) before rebounding again into a new Bullish Leg.

As a result, we expect to see at least a test of the 1D MA100, which short sellers can target $26.00. This is also above the minimum %correction we've seen inside this pattern (-25.90%).

The strongest buy signal inside this long-term Channel Up is historically give when the 1D RSI hits the 35.85 - 30.20 Support Zone.

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