Watch These Palantir Price Levels as Stock Continues to Retreat From Record High

• Palantir shares fell in premarket trading Wednesday after a sharp drop yesterday, as the stock continues to pull back from a record high it hit in late December.

• The latest selling comes after investment bank Morgan Stanley initiated coverage of the stock with an “underweight” rating and reports emerged that Cathy Wood’s technology funds ARK Investment Management had sold shares in the company.

• The stock broke out of the rising wedge in late December and recently found renewed selling pressure when retesting the pattern’s lower trend line.

• Investors should monitor critical support levels on Palantir’s chart around $66. $59 and $45, while we also spot a major resistance area near $81.

Shares in Palantir Technologies (Belter) in pre-market trading on Wednesday after a sharp decline yesterday, as the stock continues to decline from its level Record high Set in late December.

The latest share sale comes after investment bank Morgan Stanley initiated coverage on the stock earlier this week with “Weight loss“The rating and reports have emerged that Cathie Wood’s ARK Investment Management technology funds have sold shares in the company.

The analytics software provider had a stellar 2024, ending the year as… Standard & Poor’s 500 Best performing stocks. Its shares more than quadrupled, supported by growing demand for its range Artificial Intelligence (AI) Software products.

Palantir shares were down 2% at about $68.50 in recent premarket trading, after falling nearly 8% on Tuesday. During yesterday’s close, the stock was down 18% from its all-time high on December 24.

Below, we take a closer look at Palantir’s chart and apply it Technical analysis To identify the main price levels worth paying attention to.

Palantir shares collapsed from a Rising wedge in late December before retesting the pattern’s lower trend line earlier this month. However, since that time the stock has faced renewed selling pressure Trading volumes remains dull.

At the same time, Relative Strength Index (RSI) Confirms weak price momentum, falling below the key 50 threshold for the first time since early August last year.

Let us point out three crucial ones Support levels As stocks may face buying interest amid further selling and also identify a niche resistance An area to monitor during potential spikes.

First, investors should watch how the stock responds to the $66 level. This chart position finds triple support starting in mid-November summitthe 50-day moving averageAnd close 38.2% Fibonacci retracement level When applying a grid from the low in late October to the high in December.

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