If you have been watching Palantir, and have not been lucky enough to pick this up under $9-$10, you've watched it rise 58% waiting for a buy in. We should get a solid correction here, based on the candlestick pattern, price reached $17.08 and shot back down creating a long red candle with medium wicks at both ends. This means indecision, but it also means a big rejection from the $17 range, and could continue downwards as people take profits.
There is a potential gap trade to play on the smaller timeframes, around $14.25 - I drew Fib retrace lines for potential support zones as well.
I believe anything from $14-$14.50 would be a good buy in conservatively.
I would also look at extending down to $12-$13, with a possible overcorrection down to an area of large support: $9.85-$10.94. This is where the stock had spent most of its days in the beginning, and consolidated nicely before that last uptrend.
I am LONG on this stock, and marked it long because these are for new buy-ins, you can try to short the stock but it is hard to determine price discovery, and charts do not always follow the technicals.
There is a potential gap trade to play on the smaller timeframes, around $14.25 - I drew Fib retrace lines for potential support zones as well.
I believe anything from $14-$14.50 would be a good buy in conservatively.
I would also look at extending down to $12-$13, with a possible overcorrection down to an area of large support: $9.85-$10.94. This is where the stock had spent most of its days in the beginning, and consolidated nicely before that last uptrend.
I am LONG on this stock, and marked it long because these are for new buy-ins, you can try to short the stock but it is hard to determine price discovery, and charts do not always follow the technicals.
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Smaller timeframes, showing possible Gap trade at $14.26
