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Palantir Technologies (PLTR) tomorrow's trading 9/24/24

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Price Action

Current Trend: PLTR is continuing its upward momentum, following a strong move that began earlier this month. It is currently trading near its recent highs around $38.19.
Price Range: The stock has formed a higher high and is near a significant resistance level, with potential consolidation or a breakout setup.

Support & Resistance Levels

Immediate Resistance:
$38.19, which marks today's high, is a key resistance level. A break above this could propel the stock toward $39 and beyond.
Above that, the next key resistance is around $40, which is both a psychological barrier and a potential breakout level.

Immediate Support:
The $37.43 level is immediate support, followed by $36.00, which is a key support zone. If PLTR sees a pullback, this level could provide buying opportunities.
If the stock breaks below $36, the next strong support is around $35.73, which is near the previous trendline support.

Volume & Indicators
Volume: There has been consistent buying volume as the stock has moved higher, indicating strong bullish sentiment.
Momentum Indicators: Momentum indicators suggest the stock is still in an uptrend, but nearing overbought conditions. This implies that while PLTR could continue higher, a pullback or consolidation may occur soon.

Outlook for Tomorrow
Bullish Scenario: A break above $38.19 could see PLTR testing the $39 to $40 level. Watch for increased volume on a breakout to confirm sustained buying pressure.
Bearish Scenario: If PLTR fails to break above $38.19 and sees a reversal, it may test support at $37.43, with further downside potential toward $36.00 if selling pressure increases.

Suggestion

For Bullish Traders: Look for a breakout above $38.19 for a momentum trade. If the stock breaks out with volume, targets could be $39 to $40.

For Bearish Traders: Watch for a rejection near the resistance level and a potential reversal. If PLTR fails to hold $37.43, there could be an opportunity to short the stock toward $36.00.

Overall, PLTR's price action suggests a continuation of its uptrend, but traders should be cautious as the stock is approaching resistance, and overbought signals could lead to a short-term pullback.






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