Watch These Palantir Price Levels After Stock Posts S&P 500’s Biggest Gains in 2024 | Global News Avenue

Palantir Technologies (PLTR) will receive the coveted title S&P 500 Index The best performing component this year.

The company, which provides customized analytics software to various industries, has seen its shares surge 350% from the start of the year to Monday’s close on strong demand. Artificial Intelligence (AI) offerings.

The software maker reports Net sales jump 30% In the most recent quarter, both its commercial and government businesses posted double-digit growth. The company’s shares have risen 15% in the past month since it took the stake. Army contract worth $619 million and saw it in stock Incorporated into the Nasdaq 100 Index, which is dominated by technology stocks.

Palantir shares rose nearly 1% to about $78 in premarket trading Tuesday.

Next, let’s break it down technical in Palantir Weekly chart and identify key price levels to watch in the first quarter of 2025.

Shooting stars indicate potential integration

One month since the breakthrough merge Palantir shares continued to rise sharply above average in the period following the presidential election in early November trading volume.

However, last Monday meteor form a candlestick pattern Occurring after a sharp increase, it indicates that the price may begin to decline or enter a consolidation phase. It’s worth pointing out that the last time a similar pattern formed on the chart was in late July, and the stock fell 21% over the next two weeks.

Let’s apply technical analysis Find out a few keys support level Watch to see if the stock price pulls back while predicting potential upside price target Watch to see if they continue to move strongly higher.

Key support levels worth paying attention to

in the initial pull backinvestors should keep an eye on the $66 level, which is where the stock is likely to find support in the near term on the chart. lateral drift Formed in mid-to-late November.

this bullsIf it cannot hold this level, the stock could drop to around $45. Investors may look for buying opportunities in this area, approaching the one-month hiatus. uptrend This follows a broadly bullish week in early November.

deeper correct The stock’s price could drop to the $29 level. This area on the chart may attract strong buying interest near the multi-year trendline, which may flip from the previous area. resist to future support.

Upside price targets to monitor

If the stock price continues to move higher, investors can use the histogram tool to predict potential upside targets.

To apply this to Palantir’s chart, we used the stock’s strong performance trend Moving from November 2020 to January 2021 and repositioning it from last month’s wide one-week low. The expected price target is about $145, which is about 83% higher than Monday’s closing price. We chose this previous trend period because it began after a weekly gain of nearly 40%, similar to the current impulsive move higher that began in early November.

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As of the date of this writing, the author did not own any of the securities mentioned.