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PLTR Testing Make or Break Supports for NYSE:PLTR by desai0820

1. Palantir is nearing a strong support zone (21.00-22.50) that it recently reclaimed. The support zone was reclaimed quickly after breaking, solidifying the strength at and beneath 21.00. Price just bounced at the top of the zone, yet I believe it will fall through to test the bottom of the support zone and consolidate within the zone briefly, reaffirming strength above 21.00. A powerful move to establish an uptrend could follow this confirmation and consolidation. Testing of 21.00 would also complete an inverse head and shoulders pattern.

2. Above the support zone , the next level is a 27.50 resistance. ARKW sold 13.1%. of their shares at this level last week. ARKW still holds a large majority of their shares and demonstrated good profit taking with the small sale, after purchasing upwards of 4 million shares in 2021. ARKW’s sale caused some shake out of weak hands and brought shares down to the 22.50 support level . Shaking weak hands and ARK’s aggressive bullish direction on PLTR are both good signs.

3. After some consolidation, I think shares can test the 27.50 resistance prior to August 12th earnings . After a test of 27.50 around earnings , a strong report could push shares above the resistance, and confirm that shares have re-entered an uptrend.

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