Palantir Technologies Shows Signs The Local Bottom Has Occurred: The Bull Bear Case For The Stock
Portfolio Pulse from Melanie Schaffer
Palantir Technologies, Inc (NYSE:PLTR) experienced a slight decline on Monday after a 10% retracement from its 52-week high of $21.85. The stock had surged about 30% since October 31, driven by increased interest in AI and a seven-year contract with the U.K.'s NHS. Palantir also reported a Q3 earnings beat on November 2. Despite the recent pullback, technical analysis suggests the stock may have found a local bottom and could rise if it regains the eight-day EMA. Resistance is at $19.95 and $21.09, with support at $17.84 and $16.29.
November 27, 2023 | 8:44 pm
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POSITIVE IMPACT
Palantir's stock saw a slight decline but may have reached a local bottom, with potential to rise if it surpasses the eight-day EMA. The company's recent contract with the NHS and Q3 earnings beat contribute to a bullish outlook, despite the recent retracement.
The stock's recent decline is seen as a natural retracement after a significant surge. The technical analysis suggests a potential reversal, and the fundamental factors such as the NHS contract and earnings beat provide a positive outlook. However, the market's response to these indicators is not guaranteed, hence the confidence score is not at the maximum.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100