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Palantir stock is likely to be in the spotlight on Monday after Nasdaq announced late Friday that the analytics software provider had been added to the Nasdaq 100 index.
The stock has continued a sharply bullish trend after breaking out of a cup-and-handle pattern, although the Relative Strength Index warns of overbought conditions that could lead to short-term price fluctuations.
The measurement principle, which calculates the percentage change in the cup and “cup” of the handle and adds it to the value of the pattern’s upper trend line, projects a bullish price target of $140.07.
Investors should keep an eye on key lower levels on Palantir’s chart at $45 and a support zone between $33 and $29.
Palantir Technologies (PLT) stocks are likely to be in the spotlight Monday after Nasdaq announced late Friday that the analytics software provider, along with MicroStrategy (MSTR) and Axon Enterprise (AXON), had been added to Nasdaq 100 index.
The inclusion of the action in the hi-tech landmark It comes after it more than quadrupled from the start of the year to Friday’s close, driven by growing demand for the software maker’s customizable version. artificial intelligence (AI) offerings. The company’s shares became eligible to join the index following a strategic move to the Nasdaq since New York Stock Exchange (NYSE) last month.
Next, we break down the techniques in Palantir weekly chart and identify key price levels that investors can keep an eye on.
Since breaking a multi-year agreement cup and handle pattern In August, Palantir stock continued a sharply bullish trend. Trading volumes have supported the upward move, indicating buying involvement from larger market participants.
He relative strength index (RSI) confirms the bullish momentum, although the high indicator reading above 80 warns overbought conditions that could lead to short-term price fluctuations.
let’s apply technical analysis to project a long-term bullish trend target pricewhile pointing out the keys support levels which can attract buying interest during pullbacks.
To forecast a potential bullish price target, investors can use the measurement principlea chart-based technique that analyzes the cup and handle pattern to project future movement.
Applying the method to the Palantir chart, we calculated the percentage change in the cup and “cup” of the handle and added it to the top of the pattern. trend line worth. For example, we added a 383% upside to $29, projecting a target of $140.07, about 85% above Palantir’s closing price on Friday.
