Palantir Technologies Inc. experienced a decline in its stock price by -1.70% on Thursday, July 27th, 2023, dropping from $16.43 to $16.15. Throughout the trading day, the stock fluctuated between a low of $16.00 and a high of $17.19, indicating a 7.44% variation. Over the past ten days, the stock has witnessed a decrease in price in 7 of those days, resulting in an overall decline of -3.52% during this period. Although the trading volume increased by 14 million shares on the last day, it occurred amidst falling prices, potentially signaling a cause for concern and a slight increase in risk over the next few days. The total volume of shares traded amounted to approximately $800.48 million, involving 50 million shares.
From a short-term perspective, the stock is currently positioned in the lower portion of a wide and strong upward trend, suggesting a potential buying opportunity. A significant point to observe is whether the lower trend floor at $16.05 will be breached, which could indicate a slower rate of ascent and even a potential shift in trend. Given the present short-term trend, it is anticipated that the stock may rise by 96.48% over the next 3 months with a 90% probability of holding a price within the range of $31.53 and $37.64 at the end of this 3-month period.
Regarding signals and forecasts, the Palantir stock currently has a sell signal from the short-term Moving Average but a buy signal from the long-term average. As the short-term average surpasses the long-term average, a general buy signal is established for the stock, providing a positive outlook. If the stock makes further gains, it may encounter resistance from the short-term Moving Average at approximately $16.72. Conversely, on a decline, the stock may find support from the long-term average at around $15.85. A break above the short-term average would trigger a buy signal, while a breakdown through the long-term average would result in a sell signal. Additionally, the 3-month Moving Average Convergence Divergence (MACD) also issues a buy signal, although some negative signals have emerged that could influence the near short-term development. Notably, a sell signal was triggered from a pivot top point on Tuesday, July 18, 2023, causing the stock to decline by -10.67%. Further descent is predicted until a new bottom pivot is identified. The increase in volume on falling prices from the previous day is a cautionary sign, suggesting that the stock should be closely monitored.
Assessing support, risk, and stop-loss levels, the stock currently finds support just below the current level at $14.71 and $14.69, with potential risk if these support levels are broken, possibly leading to a decline to the next support level at $12.64. Considering its daily movements and trading volume, the stock is deemed to carry a medium level of risk. On the last trading day, the stock displayed a movement of $1.19 between its high and low, translating to 7.44%. Over the past week, the stock exhibited a daily average volatility of 5.38%. The recommended stop-loss level is set at $15.37 (-4.86%), which accounts for the medium daily movements and is based on a sell signal from a pivot top identified 7 days ago.
Looking ahead to the upcoming trading day on Friday, July 28th, it is expected that Palantir Technologies Inc. will open at $16.45. Based on the 14-day Average True Range, the stock is projected to fluctuate between $15.25 and $17.05 throughout the day, resulting in a potential trading range of +/-$0.90 (+/-5.56%) from the previous closing price. If the stock surpasses the calculated swing range, there could be an estimated 11.12% fluctuation between the lowest and highest trading prices during the day. Given that the stock is closer to the resistance level from accumulated volume at $16.30 (0.93%) than the support level at $14.71 (8.92%), the current intra-day risk/reward ratio may not be considered attractive. It is advisable to wait until the stock approaches the support level before making any trades.
Regarding insider trading activities, in the last 100 trades, insiders bought 7.85 million shares and sold 10.51 million shares. The most recent trade involving insiders occurred 60 days ago when Palantir Technologies Inc. acquired 0 shares. Overall, insiders appear to be selling more shares than they are buying, which can be perceived as a negative signal.
In conclusion, while several short-term signals and the general trend suggest a positive outlook for Palantir stock, the stock's performance in the short-term appears promising. However, it is important to closely monitor the situation due to some negative signals and the insider selling activity.
From a short-term perspective, the stock is currently positioned in the lower portion of a wide and strong upward trend, suggesting a potential buying opportunity. A significant point to observe is whether the lower trend floor at $16.05 will be breached, which could indicate a slower rate of ascent and even a potential shift in trend. Given the present short-term trend, it is anticipated that the stock may rise by 96.48% over the next 3 months with a 90% probability of holding a price within the range of $31.53 and $37.64 at the end of this 3-month period.
Regarding signals and forecasts, the Palantir stock currently has a sell signal from the short-term Moving Average but a buy signal from the long-term average. As the short-term average surpasses the long-term average, a general buy signal is established for the stock, providing a positive outlook. If the stock makes further gains, it may encounter resistance from the short-term Moving Average at approximately $16.72. Conversely, on a decline, the stock may find support from the long-term average at around $15.85. A break above the short-term average would trigger a buy signal, while a breakdown through the long-term average would result in a sell signal. Additionally, the 3-month Moving Average Convergence Divergence (MACD) also issues a buy signal, although some negative signals have emerged that could influence the near short-term development. Notably, a sell signal was triggered from a pivot top point on Tuesday, July 18, 2023, causing the stock to decline by -10.67%. Further descent is predicted until a new bottom pivot is identified. The increase in volume on falling prices from the previous day is a cautionary sign, suggesting that the stock should be closely monitored.
Assessing support, risk, and stop-loss levels, the stock currently finds support just below the current level at $14.71 and $14.69, with potential risk if these support levels are broken, possibly leading to a decline to the next support level at $12.64. Considering its daily movements and trading volume, the stock is deemed to carry a medium level of risk. On the last trading day, the stock displayed a movement of $1.19 between its high and low, translating to 7.44%. Over the past week, the stock exhibited a daily average volatility of 5.38%. The recommended stop-loss level is set at $15.37 (-4.86%), which accounts for the medium daily movements and is based on a sell signal from a pivot top identified 7 days ago.
Looking ahead to the upcoming trading day on Friday, July 28th, it is expected that Palantir Technologies Inc. will open at $16.45. Based on the 14-day Average True Range, the stock is projected to fluctuate between $15.25 and $17.05 throughout the day, resulting in a potential trading range of +/-$0.90 (+/-5.56%) from the previous closing price. If the stock surpasses the calculated swing range, there could be an estimated 11.12% fluctuation between the lowest and highest trading prices during the day. Given that the stock is closer to the resistance level from accumulated volume at $16.30 (0.93%) than the support level at $14.71 (8.92%), the current intra-day risk/reward ratio may not be considered attractive. It is advisable to wait until the stock approaches the support level before making any trades.
Regarding insider trading activities, in the last 100 trades, insiders bought 7.85 million shares and sold 10.51 million shares. The most recent trade involving insiders occurred 60 days ago when Palantir Technologies Inc. acquired 0 shares. Overall, insiders appear to be selling more shares than they are buying, which can be perceived as a negative signal.
In conclusion, while several short-term signals and the general trend suggest a positive outlook for Palantir stock, the stock's performance in the short-term appears promising. However, it is important to closely monitor the situation due to some negative signals and the insider selling activity.