Watch These Palantir Price Levels After Stock’s Nasdaq 100 Inclusion
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Shares of Palantir were likely to take a hit on Monday after Nasdaq announced that the analytics software provider had been added to the Nasdaq 100 index.
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Stocks continued to rally after breaking out of the cup-and-handles, although the relative strength index warned of overbought conditions that could lead to short-term price swings.
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The measurement principle, which calculates the percentage change in the “cup” of the cup and handle and adds it to the highest trend value of the pattern, predicts a bullish price target of $140.07.
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Investors should look at Palantir’s key chart lows at $45 and the support zone between $33 and $29.
Palantir Technologies (PLTR:) shares are likely to be in the spotlight on Monday after Nasdaq announced late Friday that the analytics software provider along with MicroStrategy (MSTR:), and Axon Enterprise (AXON:), was added to the Nasdaq 100 Index.
Incorporation of shares technological benchmark comes after it more than quadrupled year-to-date as of Friday’s end, boosted by growing demand for the software maker’s customizable devices. artificial intelligence (AI) suggestions. The company’s shares are eligible to join the index following a strategic move from Nasdaq. New York Stock Exchange (NYSE) last month.
We break it down below technical On Palantir weekly chart and identify key price levels that investors can focus on.
Because break out is perennial cup and handle pattern Palantir shares continued to soar in August. Trade volumes supported a move higher, indicating buying participation from larger market participants.
It relative strength index (RSI) confirms the growth momentum, although the indicator above 80 is a warning overbought conditions that may result in near term price fluctuations.
Let’s apply technical analysis project longer-term growth price targetwhile pointing to the key support levels which can attract buying interest during recoveries.
To predict a potential bullish price target, investors can use measurement principlea chart-based technique that analyzes the cup and handle pattern to project a future move.
When applying the method to a Palantir chart, we calculate the percentage change in the “cup” of the cup and handle and add it to the top of the pattern. trend the value. For example, we add a 383% upside to $29, which projects a target of $140.07, which is around 85% above Palantir’s Friday close.
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