Watch These Palantir Price Levels as Stock Continues to Retreat From Record High | Global News Avenue

Shares of Palantir Technologies (PLTR) fell in premarket trading Wednesday after yesterday’s sharp decline as the stock continued to recover from its record high Scheduled for late December.

Investment bank Morgan Stanley reported on the stock earlier this week, saying “underweightCathie Wood’s ARK Investment Management technology fund has sold shares in the company, ratings and reports show.

This analytics software provider has a strong performance in 2024, ending 2024 as S&P 500 Index Top performing stocks. Its shares have more than quadrupled on growing demand for its sets Artificial Intelligence (AI) Software products.

Palantir shares were down 2% in recent premarket trading to around $68.50, after falling nearly 8% on Tuesday. As of yesterday’s close, the stock was down 18% from its all-time high set on December 24.

Below, we take a closer look at Palantir’s chart and apply technical analysis Identify key price levels worth watching.

Rising Wedge Formation Breakdown

Palantir stock price starts from rising wedge in late December and then retested the pattern’s lower trendline earlier this month. Since then, however, the stock has faced renewed selling pressure, although trading volume Still bleak.

at the same time, Relative Strength Index (RSI) Price momentum was confirmed to be weak, falling below the key 50 threshold for the first time since early August last year.

Let us point out three key support level The stock is likely to see buying interest amid a further sell-off, and a major resist Areas to watch during a potential rally.

Key support levels worth paying attention to

First, investors should watch the stock’s reaction to the $66 level. This location on the chart has found triple support from mid-November peakthis 50-day moving averageand nearby 38.2% Fibonacci retracement levels When applying a grid from late October lows to December highs.

Selling below that level could send the stock back down to around $59, which is where investors might seek entry point less than one pennant pattern Formed on the chart in mid-November.

deeper correct In stock may trigger gap Prices fell to the $45 level, about 35% below Tuesday’s closing price. The stock is likely to attract buying interest in the area near the two twin peaks that appeared on the October chart.

Key Resistance Areas to Monitor

When stock prices recover and resume longer-term uptrendInvestors should keep an eye on the $81 area. A rally into this area will likely encounter significant overhead resistance near a series of peaks just below the stock’s all-time highs.

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