Palantir Technologies Inc (NYSE:PLTR) shares are trading higher Tuesday as they look to be attempting to start an uptrend again. The stock is pushing up alongside many other popular stocks in Reddit’s WallStreetBets forum. The stock was also trending on social media earlier today.
Palantir was up 6.75% at $14.16 Tuesday afternoon at publication.
Palantir Daily Chart Analysis
- The stock was trading in what technical traders call a falling wedge pattern but was able to fall below the support level showing the stock was not yet ready for a reversal. The stock has been forming higher lows for the past couple of weeks and looks as though it could be heading back toward this support level and getting ready for a reversal in the future.
- The stock trades below both the 50-day moving average (green) and the 200-day moving average (blue). This indicates bearish sentiment, and each of these moving averages may hold as an area of resistance in the future.
- The Relative Strength Index (RSI) has been forming higher lows over the past couple of weeks and now sits at 47. This shows that buyers have been moving into the stock and now there are almost as much buying pressure as there is selling pressure.
What’s Next For Palantir?
The stock has had some bullish movement throughout the past few weeks and could be getting ready for a reversal if it can continue. Bullish traders want to see the RSI continue to rise and cross above the middle line. This would show more buyers in the stock than there are sellers. Bullish traders also want the stock to cross back above the moving averages for sentiment to become more bullish. Bearish traders are looking to see the stock hold below the support in the pattern and continue to fall lower.
