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Is it too Late to Buy Palantir Stock?
The aftermath of Palantir’s (PLTR - Free Report) earnings report has been anything but boring. The news shot the stock up over 25%, taking up to what some are calling eye-watering valuation levels. The growth is so profound though, that it’s tough to bet against them. And those shorts who had been betting against them have been getting absolutely crushed. Remember folks, the market can stay irrational longer than you can stay solvent.
Let me be clear, I am not coming out here and writing up a bear case for this stock. It’s my experience that when there is a bid like this, you either join in or get out of the way. Buying the pullbacks in the stock has proved to be a profitable venture. The question is, when does that trend finally die down? I believe it’s going to take some very negative news in the AI-stack to do so, and right now, the bad news is being shaken off very quickly.
Moving Averages: Bartosiak starts by examining the stock's moving averages, such as the 50-day and 200-day moving averages. He points out the significance of crossovers and divergences between these averages, which can indicate potential trend changes.
Support and Resistance Levels: Bartosiak identifies key support and resistance levels on the chart. These levels act as barriers that the stock price must breach or hold above, providing traders with critical decision points.
Chart Patterns: He discusses chart patterns like head and shoulders, cup and handle, or flags, and their relevance in predicting future price movements. These patterns can offer valuable insights into potential bullish or bearish trends.
Volume Analysis: He emphasizes the importance of volume analysis in confirming price trends. An increase in trading volume during a breakout or breakdown can validate the significance of a price move.
Dave Bartosiak's technical analysis approach adds depth to our understanding Palantir stock chart. By paying attention to moving averages, support and resistance levels, chart patterns, technical indicators, and volume, he equips investors with a comprehensive toolkit for making well-informed decisions in the stock market. Remember, while technical analysis is a valuable tool, it's important to consider other factors like fundamental analysis and market sentiment before making investment choices.