A technical analysis of PALANTIR TECHNOLOGIES INC-A.

Our stock screener has spotted PALANTIR TECHNOLOGIES INC-A (NYSE:PLTR) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:PLTR.

Zooming in on the technicals.

At ChartMill, a crucial aspect of their analysis is the assignment of a Technical Rating to each stock. This rating, ranging from 0 to 10, is calculated daily by considering numerous technical indicators and properties.

Taking everything into account, PLTR scores 8 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• 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 94% of 275 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.
• The long term trend is positive and the short term trend is negative. It is probably better to wait until this picture becomes clearer.

Our latest full technical report of PLTR contains the most current technical analsysis.

Looking at the Setup

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:PLTR is 8:

PLTR has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 23.44. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 22.66, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:PLTR

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice in any way. 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.