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Palantir shares will likely be in the spotlight Monday after the Nasdaq announced late Friday that the analytics software provider has been added to the Nasdaq 100 index.
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The stock continues to trend sharply up after breaking out of a cup and handle pattern, although the RSI warns of overbought conditions that could lead to near-term price volatility.
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The measuring principle, which calculates the percentage change in the cup and handle “cup” and adds it to the highest value of the trend line of the pattern, predicts an upside price target of $140.07.
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Investors should watch the key lower levels on the Palantir chart at $45 and the support zone between $33 and $29.
Palantir Technologies (Belter) Stocks are likely to be in the spotlight on Monday after the Nasdaq announced late Friday that the analytics software provider, along with MicroStrategy (MSTR), and the Exxon Foundation (AXON), He was It was added to the Nasdaq 100 index.
Insert arrow into Heavy technology standard It comes after it more than quadrupled year-to-date through Friday’s close, fueled by growing demand for customizable software maker software. Artificial Intelligence (AI) Offerings. The company’s shares became eligible to join the index after the strategic move to the Nasdaq index from New York Stock Exchange (NYSE) last month.
Below, we break it down Technologies On Palantir Weekly chart And identify key price levels that investors may watch.
Since coming out several years ago Cup and handle style In August, Palantir shares continued to trend sharply higher. Trading volumes It supported the move higher, indicating buying participation from larger market participants.
the Relative Strength Index (RSI) It confirms bullish momentum, although an indicator reading above 80 portends danger Overbought conditions, which may lead to near-term price fluctuations.
Let’s apply Technical analysis To expect a long-term upward trend Price targetalso indicating the key Support levels Which may attract buying interest during corrections.
To predict a potential upside price target, investors can use Measurement principleIt is a chart-based technique that analyzes the cup and handle pattern to indicate future movement.
When applying the method to a Palantir chart, we calculate the percentage change in the “cup” of the cup and handle and add it to the top of the model Trend line value. For example, we add a 383% upside to $29, which projects a target of $140.07, about 85% above Palantir’s closing price on Friday.
if Take profits If this happens, the stock could initially revisit support around $45, a location on the chart where investors can look for buying opportunities near a short period of time. Unification In stock during October.
Finally, selling below this level may lead to a drop to a level Support area Between $33 and $29. This area on the chart is likely to attract buying interest near the upper trendline of the cup and handle pattern and the bullish 50-week moving average.
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