PLTR: Time to panic? A Multiple Time Frame Analysis!
Hello traders and investors! As you asked, I’ll look at PLTR again this week! Some people are getting nervous about it, so, let’s talk about it. We'll do a complete Multi Time Frame Analysis (MTFA) today.
First, as some of you pointed out, yes, we have a H&S pattern in the 1h chart, which was triggered, and it already hit its technical target, at $ 24.52 (previous bottom).
Now, not by coincidence, it is starting to react. This point is a good bottom candidate.
If you look at the daily chart, PLTR dropped sharply since it retested the resistance at $ 27.47. This movement was extremely technical, as PLTR hit the resistance, did a bearish engulfing, and now it is seeking supports again.
But remember: The trend is still bullish. We have higher highs/lows, and the 21 ema is going up. We are slightly under the 21 ema now, but that’s ok. PLTR went up a lot since May’s bottom.
The weekly chart gives us another clue about PLTR. It is dropping sharply this week (-8%), but the volume is extremely low, indicating that this is not a true sell-off, but only people not interested in trading PLTR at $ 27, so the price must drop a little bit more to get more interesting.
This bearish candlestick came after a series of seven white candlesticks in a row, so, this was already expected, and there was no better top candidate than the resistance at $ 27.47.
As this is just a pullback, in my view, I see no reason to panic, and I still see PLTR filling the gap at $ 31.34.
I hope my insights helped you, and if that’s the case, remember to follow me to keep in touch with my studies, and support this idea if you liked it!
Thank you very much, have a good weekend!
First, as some of you pointed out, yes, we have a H&S pattern in the 1h chart, which was triggered, and it already hit its technical target, at $ 24.52 (previous bottom).
Now, not by coincidence, it is starting to react. This point is a good bottom candidate.
If you look at the daily chart, PLTR dropped sharply since it retested the resistance at $ 27.47. This movement was extremely technical, as PLTR hit the resistance, did a bearish engulfing, and now it is seeking supports again.
But remember: The trend is still bullish. We have higher highs/lows, and the 21 ema is going up. We are slightly under the 21 ema now, but that’s ok. PLTR went up a lot since May’s bottom.
The weekly chart gives us another clue about PLTR. It is dropping sharply this week (-8%), but the volume is extremely low, indicating that this is not a true sell-off, but only people not interested in trading PLTR at $ 27, so the price must drop a little bit more to get more interesting.
This bearish candlestick came after a series of seven white candlesticks in a row, so, this was already expected, and there was no better top candidate than the resistance at $ 27.47.
As this is just a pullback, in my view, I see no reason to panic, and I still see PLTR filling the gap at $ 31.34.
I hope my insights helped you, and if that’s the case, remember to follow me to keep in touch with my studies, and support this idea if you liked it!
Thank you very much, have a good weekend!
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