PLTR: Complete analysis (H, D and W charts).
Hello traders and investors! Let’s see how PLTR is doing today, and do a complete study in multiple time frames (H, D and W).
First, in the 1h chart, the momentum is clearly bearish, and it is quite strong. We have two Breakaway Gaps, lower highs/lows, the 21 ema is pointing down and at any moment, we could close above it, since the beginning of the sell-off. We just hit the 21 ema to fall again.
Yesterday we lost the short-term support at $ 22.35, and it seems we have nothing to hold us. We have to zoom out a little bit to see the bigger picture:
When I’m lost, I like to use Fibonacci. Notice how PLTR is respecting the retracements, as it found a quick support at the 50%, bounced back up to the 38.2% and now it is dropping again. This tells me that there’s a good chance we’ll find a support at the 61.8% retracement now.
Therefore, the daily chart suggests that we could drop more 2 or 3% and that’s fine. I don’t see PLTR crashing or any extreme scenario here, and I consider this a correction.
If you look at the weekly chart, you’ll see that the last 3 candlesticks have very low volume. This tells us that PLTR is dropping due to the lack of momentum, instead of a real sell-off.
Since PLTR went up more than 60% since May’s bottom to our target at $ 27, it is normal that it’ll correct, and the Fibonacci’s Retracements are here to guide us in the mid-term.
If you liked this analysis, remember to support it, and follow me to keep in touch with my daily studies!
Thank you very much!
First, in the 1h chart, the momentum is clearly bearish, and it is quite strong. We have two Breakaway Gaps, lower highs/lows, the 21 ema is pointing down and at any moment, we could close above it, since the beginning of the sell-off. We just hit the 21 ema to fall again.
Yesterday we lost the short-term support at $ 22.35, and it seems we have nothing to hold us. We have to zoom out a little bit to see the bigger picture:
When I’m lost, I like to use Fibonacci. Notice how PLTR is respecting the retracements, as it found a quick support at the 50%, bounced back up to the 38.2% and now it is dropping again. This tells me that there’s a good chance we’ll find a support at the 61.8% retracement now.
Therefore, the daily chart suggests that we could drop more 2 or 3% and that’s fine. I don’t see PLTR crashing or any extreme scenario here, and I consider this a correction.
If you look at the weekly chart, you’ll see that the last 3 candlesticks have very low volume. This tells us that PLTR is dropping due to the lack of momentum, instead of a real sell-off.
Since PLTR went up more than 60% since May’s bottom to our target at $ 27, it is normal that it’ll correct, and the Fibonacci’s Retracements are here to guide us in the mid-term.
If you liked this analysis, remember to support it, and follow me to keep in touch with my daily studies!
Thank you very much!
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