Watch These Palantir Price Levels as Stock Continues to Retreat From Record High
-
Shares of Palantir were lower in premarket trading on Wednesday after a sharp decline yesterday, as the stock continues to retreat from record highs set in late December.
-
The latest sell-off comes after investment bank Morgan Stanley initiated coverage of the stock with an “underweight” rating and reports surfaced that Cathy Wood’s ARK Investment Management technology funds sold shares in the company.
-
In late December, stocks broke out of a rising wedge and recently found renewed selling pressure on a retest of the pattern’s lower trend line.
-
Investors should watch for important support levels on Palantir’s chart near $66, $59 and $45, while monitoring the key resistance area near $81.
Shares of Palantir Technologies (PLTR:They fell in premarket trading on Wednesday after yesterday’s sharp decline as stocks continue to retreat record high was set at the end of December.
The latest sell-off in the stock comes after investment firm Morgan Stanley initiated coverage on the stock earlier this week “underweight“The rating and reports emerged that Katie Wood’s ARK Investment Management tech funds sold shares in the company.
The analytics software provider had a stellar 2024, ending the year as S&P 500: best performing stock Its shares have more than quadrupled, boosted by growing demand for its claim artificial intelligence (AI) software product.
Shares of Palantir fell 2% to about $68.50 in late premarket trading, after falling nearly 8% on Tuesday.The stock was down 18% from its Dec. 24 high at yesterday’s close.
Below, we take a closer look at Palantir’s chart and application technical analysis identify key price levels worth paying attention to.
Palantir stock broke a rising wedge in late December before retesting the pattern’s lower trend line earlier this month. However, the stock has faced renewed selling pressure since then, though trade volumes remain dull.
While that relative strength index (RSI) confirms price weakness, falling below the key 50 mark for the first time since early August last year.
Let’s highlight three important ones support levels where the stock may face buying interest amid further selling, as well as uncovering fundamentals resistance viewing area during potential climbs.
First, investors should monitor how the stock reacts to the $66 level, a triple support position on the chart since mid-November peakis 50-day moving averageand the nearest 38.2% Fibonacci retracement level when applying a grid from the late October minimum to the December maximum.
English