Palantir Technologies Inc. (NYSE:PLTR) shares are trading higher Thursday after the Russia-Ukraine tensions got worse. Russia has now invaded Ukraine and declared war.
Palantir is a data company that was used to help locate Osama Bin Laden in 2011 and its stock may climb in anticipation of its technology being used during the conflict in Ukraine.
Palantir closed up 13.42% at $11.83 on Thursday.
See Also: Cathie Wood Sells Another $2.4M In Palantir And $7.8M In This Social Media Company On Wednesday
Palantir Daily Chart Analysis
- Palantir is seeing bullish movement after the invasion of Ukraine. The stock is heading higher and trying to push back up to support in what traders call a falling wedge pattern. The stock will need to start seeing higher lows in order to see a long-term reversal on the chart.
- 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 climbed the past couple of days and now sits at 40. This shows that more buyers have moved into the stock although there are more sellers overall. The RSI crossing above the middle line is a good sign for it to see a possible reversal in the future.
What’s Next For Palantir?
Palantir could be gearing up for a reversal if the stock can form higher lows and cross back above the support from the wedge pattern. This would show strength in the stock as it attempts a reversal. Bullish traders are looking for higher lows to form and for the stock to be able to cross back above the moving averages. This would show bullish sentiment in the stock as it pushes higher. Bearish traders are looking to see the stock continue to hold below the moving averages as well as make lower highs. Bears are in control as the stock sits now and can keep it that way if lower highs keep forming.
Photo: Gerd Altmann via Pixabay
