PLTR Eyeing Further Upside with Caution

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Palantir Technologies (PLTR) is consolidating after a strong uptrend within a rising channel on the hourly chart. Here's a detailed technical breakdown for scalpers and swing traders:

Support Levels:

Immediate support sits around $58.17. A break below could indicate a pullback to the next major support at $56.47.

Stronger support lies at $53.54 – a level to watch for any deeper retracement.
Resistance Levels:

$62.08 is a key resistance level. A breakout above this zone with strong volume could propel PLTR higher, potentially testing $65 as the next target.

Moving Averages:
The stock is trading above both the 15 EMA and the 161 EMA, indicating a bullish momentum. If PLTR remains above these moving averages, it suggests sustained upward pressure.

Volume Analysis:
Volume is trending down slightly during this consolidation, which may indicate a potential pullback before a continuation. Watch for a volume spike to confirm any breakout or breakdown.

Scalping Setup:

For intraday trades, a break above $62 on high volume could offer a quick entry, targeting the upper channel line or the next resistance.
If PLTR pulls back to $58 and bounces, it could provide another short-term entry for a ride back to resistance.

Swing Setup:

For swing traders, waiting for a break above $62 could set up a position targeting $65 and potentially beyond if momentum holds.
Conversely, if PLTR breaks below $56, consider reducing exposure as it may signal a larger correction.

Disclaimer: This analysis is for informational purposes only and not financial advice. Always conduct your own research before trading.