THIS IS PURELY BASED ON TECHNICAL ANALYSIS AND DOESN’T TAKE INTO ACCOUNT ANY FUNDAMENTAL OR ECONOMIC FACTORS. NOR IS THIS FINANCIAL ADVICE
$PLTR has been in this descending channel since about feb/march (descending channel indicated by blue as support and purple as resistance), and the previous time we touched resistance you can see we were heavily stopped by VWAP (green line) , as well as the 50EMA and a Fibonacci retracement level. After the intense beating $PLTR has seen recently (since about April 23rd we have retraced about 28%), right after we got intensely stopped by the indicators previously mentioned , we broke below the main level of support that was the extended wick observed on the 5th march. After breaking to the downside we have subsequently broken back above old support that was potentially going to act as new resistance very easily and we are now breaking back above the 20EMA which is the first sign to a nice up run. I believe that if we can run up to resistance (purple) and following that look to break the fib levels seen there as well as VWAP and the EMA levels then it is highly likely we can close the gap seen above resistance. There is also a resistance level on the RSI that if broken will also tick some of my bullish boxes. I will be looking for long positions if :
-Resistance is broken and closed above
-EMA levels at resistance are broken and closed above
-VWAP level at resistance is broken and closed above
-22.7 Fibonacci retracement level is broken and closed above
-RSI resistance is broken
-volume increases
A final bullish observation is the bullish divergence on the RSI. It has made a higher high while the chart made a lower low.
I hope this chart analysis is adequate and helpful. Any discuss is very much welcomed (: Have a good day folks.
$PLTR has been in this descending channel since about feb/march (descending channel indicated by blue as support and purple as resistance), and the previous time we touched resistance you can see we were heavily stopped by VWAP (green line) , as well as the 50EMA and a Fibonacci retracement level. After the intense beating $PLTR has seen recently (since about April 23rd we have retraced about 28%), right after we got intensely stopped by the indicators previously mentioned , we broke below the main level of support that was the extended wick observed on the 5th march. After breaking to the downside we have subsequently broken back above old support that was potentially going to act as new resistance very easily and we are now breaking back above the 20EMA which is the first sign to a nice up run. I believe that if we can run up to resistance (purple) and following that look to break the fib levels seen there as well as VWAP and the EMA levels then it is highly likely we can close the gap seen above resistance. There is also a resistance level on the RSI that if broken will also tick some of my bullish boxes. I will be looking for long positions if :
-Resistance is broken and closed above
-EMA levels at resistance are broken and closed above
-VWAP level at resistance is broken and closed above
-22.7 Fibonacci retracement level is broken and closed above
-RSI resistance is broken
-volume increases
A final bullish observation is the bullish divergence on the RSI. It has made a higher high while the chart made a lower low.
I hope this chart analysis is adequate and helpful. Any discuss is very much welcomed (: Have a good day folks.