PLTR: The gap is finally closed! Weekly chart analysis.
This weekly chart of PLTR shows that the stock has been moving within an ascending channel for an extended period. The recent price action indicates that the stock has approached a potential resistance area near $31.34, a level that also marks the closure of a gap after 3.5 years, which could act as a significant resistance point.
As the price nears the upper boundary of the channel, it is critical to monitor how it reacts to this resistance area. A successful breakout above this level could signify the continuation of the uptrend, potentially leading to further gains. In this scenario, the ATH would be our next target. However, if the resistance holds, the price might retrace towards the 21 ema again, or even to the lower boundary of the ascending channel, testing the support levels within the channel, in a more pessimistic scenario.
The overall structure remains bullish as long as the price remains within the channel, but we should be cautious around the resistance level, especially given the historical significance of the gap closure.
If the price breaks above the $31.34 resistance decisively, it could attract more buyers, but a rejection at this level might prompt profit-taking or a short-term pullback within the channel's confines.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
As the price nears the upper boundary of the channel, it is critical to monitor how it reacts to this resistance area. A successful breakout above this level could signify the continuation of the uptrend, potentially leading to further gains. In this scenario, the ATH would be our next target. However, if the resistance holds, the price might retrace towards the 21 ema again, or even to the lower boundary of the ascending channel, testing the support levels within the channel, in a more pessimistic scenario.
The overall structure remains bullish as long as the price remains within the channel, but we should be cautious around the resistance level, especially given the historical significance of the gap closure.
If the price breaks above the $31.34 resistance decisively, it could attract more buyers, but a rejection at this level might prompt profit-taking or a short-term pullback within the channel's confines.
For more detailed technical analyses and insights like this, be sure to follow my account. Your support helps me continue providing valuable content to help you make informed trading decisions.
Remember, real trading is reactive, not predictive, so let's stay focused on the key points described above and only trade when there is confirmation.
“To anticipate the market is to gamble. To be patient and react only when the market gives the signal is to speculate.” — Jesse Lauriston Livermore
All the best,
Nathan.
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