Yesterday we saw a fourth bounce off of the $21 support level. I believe this level has become a solid support. However, the daily volume has been consistently weak (except for Tuesday where we saw over 50m). The price seems to be stable within this descending triangle, and I see it staying this way for the remainder of this week.
With earnings coming up on Tuesday, I remain somewhere between neutral and bullish. I'm confident that the price will break out of the descending triangle next week. In my opinion, whether it breaks up or down will be dependent on a couple things -
1- Quarterly earnings (particularly the full year forecast).
2- Overall market sentiment.
I have seen, somewhat reputable, rumors that Palantir and BMW may be working on a contract. This news could be huge for the stock price, as one of the major drawbacks to PLTR is its dependence on government customers.
Regardless, I am very bullish on this stock long term and would not miss out on the opportunity to buy shares at this level. If we see a break to the downside (a daily close below $20), I could see the stock going back down to around $14-15 level. However, I think it is more likely to see a break up next week. Fingers crossed for another big earnings beat from Palantir!
With earnings coming up on Tuesday, I remain somewhere between neutral and bullish. I'm confident that the price will break out of the descending triangle next week. In my opinion, whether it breaks up or down will be dependent on a couple things -
1- Quarterly earnings (particularly the full year forecast).
2- Overall market sentiment.
I have seen, somewhat reputable, rumors that Palantir and BMW may be working on a contract. This news could be huge for the stock price, as one of the major drawbacks to PLTR is its dependence on government customers.
Regardless, I am very bullish on this stock long term and would not miss out on the opportunity to buy shares at this level. If we see a break to the downside (a daily close below $20), I could see the stock going back down to around $14-15 level. However, I think it is more likely to see a break up next week. Fingers crossed for another big earnings beat from Palantir!