Will PALANTIR TECHNOLOGIES INC-A breakout?

We've identified PALANTIR TECHNOLOGIES INC-A (NYSE:PLTR) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:PLTR for further developments.

What is the technical picture of NYSE:PLTR telling us.

Every day, ChartMill assigns a Technical Rating to each stock, providing a score ranging from 0 to 10. This rating is determined by evaluating various technical indicators and properties.

Overall PLTR gets a technical rating of 10 out of 10. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, PLTR is showing a nice and steady performance.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• Looking at the yearly performance, PLTR did better than 97% of all other stocks. On top of that, PLTR also shows a nice and consistent pattern of rising prices.
• PLTR is one of the better performing stocks in the Software industry, it outperforms 96% of 284 stocks in the same industry.
• PLTR is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so PLTR is performing more or less in line with the market.

Check the latest full technical report of PLTR for a complete technical analysis.

How does the Setup look for NYSE:PLTR

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:PLTR has a 8 as its setup rating:

Besides having an excellent technical rating, PLTR also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 30.32, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How can NYSE:PLTR be traded?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Of course, there are many ways to trade or not trade NYSE:PLTR and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.