Hey guys! PLTR was pretty bearish today, but the big explosion I was waiting after a breakout from the Bollinger bands didnโt occur. This may be because we are already pretty oversold in the 4h chart, and near the 50% retracement.
The movement was very weak, not as expected from a breakout from a distribution. We have another RSI divergence again.
The RSI is at 26 in the 4h chart, and itโll be hard for it to drop under this level. It is not impossible, though, as it did something similar on the beginning of May.
Although PLTR is a good stock to trade, and it is worth doing it at these levels, it is a good idea to start looking for stocks that are not that correlated to any index. For instance, one of my public trades was on ABT, a stock not so popular which performed very well recently. It might give another chance to buy it again soon. This is a very boring stock, but it is easy to work with it, and you might use leverage if you think it s too slow for your taste. This is a smart use of leverage.
Iโll keep you guys updated on PLTR, but for now, we must wait for our chance here, ok? For now, I think there are better stocks to trade.
If you liked this trading idea, remember to click on the โFollowโ button to get more trading ideas like this, and if you agree with me, click on the โAgreeโ button ๐.
See you soon,
Melissa.
The movement was very weak, not as expected from a breakout from a distribution. We have another RSI divergence again.
The RSI is at 26 in the 4h chart, and itโll be hard for it to drop under this level. It is not impossible, though, as it did something similar on the beginning of May.
Although PLTR is a good stock to trade, and it is worth doing it at these levels, it is a good idea to start looking for stocks that are not that correlated to any index. For instance, one of my public trades was on ABT, a stock not so popular which performed very well recently. It might give another chance to buy it again soon. This is a very boring stock, but it is easy to work with it, and you might use leverage if you think it s too slow for your taste. This is a smart use of leverage.
Iโll keep you guys updated on PLTR, but for now, we must wait for our chance here, ok? For now, I think there are better stocks to trade.
If you liked this trading idea, remember to click on the โFollowโ button to get more trading ideas like this, and if you agree with me, click on the โAgreeโ button ๐.
See you soon,
Melissa.
