PLRT Technical analysis for Oct. 30, 2024
Price Action and Support/Resistance Levels
Support Levels:
$44.04: This level has been tested multiple times recently, showing strength as a near-term support.
$42.06: Major support, which has been previously tested, could serve as a strong base if prices drop below the upper levels.
Resistance Levels:
$45.22 to $45.50: This zone seems to be a significant resistance area where price has recently consolidated and tested several times.
$45.75: An immediate resistance level with potential for a breakout.
Entry/Exit Points
Scalping:
Long Entry: A breakout above $45.50 with confirmation (high volume and candle close above resistance) could provide a quick scalping opportunity. Target levels would be $45.75 and $46.00.
Short Entry: A rejection near $45.22-$45.50 with decreasing volume could signal a short opportunity. Exit points could be $44.50 and $44.04.
Swing Trading:
Long Entry: If price holds above $44.04 and breaks out above $45.50, a swing trade to the $46.50-$47.00 zone could be considered.
Short Entry: If price breaks below $44.04 with momentum, a swing short targeting $43.00 or even $42.06 is a possibility.
Expected Direction
Given the consolidation near the upper resistance levels, PLTR may attempt to push higher if it clears $45.50. However, failure to break out could lead to a retracement toward support levels, especially if broader market sentiment is negative.
Disclaimer
This analysis is for informational purposes only and not financial advice. Trading stocks carries risk, and past performance is not indicative of future results. Always conduct thorough research and consult a financial advisor before trading.
Support Levels:
$44.04: This level has been tested multiple times recently, showing strength as a near-term support.
$42.06: Major support, which has been previously tested, could serve as a strong base if prices drop below the upper levels.
Resistance Levels:
$45.22 to $45.50: This zone seems to be a significant resistance area where price has recently consolidated and tested several times.
$45.75: An immediate resistance level with potential for a breakout.
Entry/Exit Points
Scalping:
Long Entry: A breakout above $45.50 with confirmation (high volume and candle close above resistance) could provide a quick scalping opportunity. Target levels would be $45.75 and $46.00.
Short Entry: A rejection near $45.22-$45.50 with decreasing volume could signal a short opportunity. Exit points could be $44.50 and $44.04.
Swing Trading:
Long Entry: If price holds above $44.04 and breaks out above $45.50, a swing trade to the $46.50-$47.00 zone could be considered.
Short Entry: If price breaks below $44.04 with momentum, a swing short targeting $43.00 or even $42.06 is a possibility.
Expected Direction
Given the consolidation near the upper resistance levels, PLTR may attempt to push higher if it clears $45.50. However, failure to break out could lead to a retracement toward support levels, especially if broader market sentiment is negative.
Disclaimer
This analysis is for informational purposes only and not financial advice. Trading stocks carries risk, and past performance is not indicative of future results. Always conduct thorough research and consult a financial advisor before trading.
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