No meaningful structure on long term time frames (say that 5x fast) PLTR is a 'sell the rip' stock imo. Impulse move followed by impulse move. I like the complany, but they are early and for now, shorts are in control.
I was surprised that the gap did not fill on Friday, though we closed inside. If the market is green early this week I'm watching for this potential set up. ABC correction and sell off to gap fill. It could reach the first green box (high volume supply) and sell off, which would only be a .30-.40 profit. The winner trade would be if we bounce up to the next HVS at 9.10 then short for a gap fill.
I was surprised that the gap did not fill on Friday, though we closed inside. If the market is green early this week I'm watching for this potential set up. ABC correction and sell off to gap fill. It could reach the first green box (high volume supply) and sell off, which would only be a .30-.40 profit. The winner trade would be if we bounce up to the next HVS at 9.10 then short for a gap fill.
Comment:
Did not work out. Gap is now filled. I expect a move down to mid 7s for consolidation.