Palantir Price Levels to Watch as Stock Jumps to New All-Time High | Global News Avenue

Palantir (PLTR) shares are likely to remain in focus following news on Tuesday that the analytics software provider’s entire product suite has received Agree Used to handle sensitive federal workloads, allowing the company to provide a range of services to government entities.

Stock sentiment may also be boosted Barron’s The software maker remains a major contender to join the industry, reports say Nasdaq 100 Index The tech index undergoes its annual reorganization after the company transfers the listing of its Class A common stock from Nasdaq to Nasdaq New York Stock Exchange (NYSE) last month.

Palantir shares rose nearly 7% on Tuesday, closing at just under $71, after hitting an all-time high of $71.37. The stock has surged more than fourfold since the start of the year on growing demand for the company’s customizable products Artificial Intelligence (AI) Software solutions.

Next, let’s break it down technical on Palantir’s chart and points out important price levels to watch.

continuous movement

Since leaving the textbook pennant Palantir shares continued to rise last week trend The gains accelerated after the news on Tuesday.

Importantly, this move happens at the top trading volume since mid-November, indicating the buying confidence of larger market players.

Although Relative Strength Index (RSI) Confirming that price momentum is above the 70 threshold, the indicator is also flashing overbought A situation that could lead to short-term profit taking.

Let’s apply technical analysis to predict a stock’s current trend continue The move could come into play and identify three key support level Investors may pay attention.

Upside price targets to monitor

To predict potential upside targets, investors can use Measurement principlea chart-based technique that analyzes previous price movements to predict the future.

When applying this tool to a Palantir chart, we measure the distance of the impulse trend before the pennant point And add that amount to the upper trendline of the pattern. For example, we add $25 to $64 and expect price target $89.

Key support levels worth paying attention to

preliminary retracementInvestors should keep an eye on the $58.50 level, which is about 18% below the stock’s current price, where the stock could find support near the pennant pattern low.

A close below this level could lead to a price reversal to around $45. Investors may look for buying opportunities in this area around the previous two trading days peak The stock formed on the chart in October before early November break through the gap higher.

Finally, a deeper correct Palantir stock could drop to lower support at $38. This area may attract buying interest near the top trendline merge The period that forms on the chart between late September and early October.

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