Here’s what to watch for on $PLTR – September 12, 2023


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This is Scott with your Chart of the Day. I want to take a look at Palantir Technologies ( NYSE: PLTR ). Palantir ( NYSE: PLTR ) has been grinding sideways, as you can see, right above this black line, that’s the 100 exponential period moving average.

But for most of August and even into September here, you can see that it has had trouble with the red line, which is the 50-day moving average. This is a clear level that I think has to get above and stay above before it’s ready to break out. Otherwise, you are just going to chop around here for a little while, but I think that that level is pretty important.

So I think it makes sense to set an alert on your software right around that 16.30 level, or just below, like I am doing right now, and looking for a strong move above that level and coming on higher than average volume.

What I really want to point out is the fact that the 50-day moving average is starting to flatten out. Now, that is really good because we want to see prices hold above and around key moving averages like this. That is what the stock did before it ultimately did breakdown. But once it got above, and held above, and did it on that big volume, it was then off to the races.

That is what I think we should watch for here in Palantir ( NYSE: PLTR ). A strong move and a close above that 50-day, coming on higher than average volume. And if that triggers, I think we might just have a nice trade on our hands. That is what I am watching for here on Palantir ( NYSE: PLTR ); wanted to add it to your watch list.

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