$PLTR TOP 20
Added 2024-03-30 10:44:26 +0000 UTC$PLTR is getting a lot of attention right now because of how neat this Head and Shoulders pattern has formed, something we highlighted this 10 days ago on X but we had subwave 5 completing at $27 at the start of March.....another example of how powerful EWT is and their respect to Fib levels.
The price action finished the week on the 0.38 Fib at $23 and we can see that the 50 Day MA is just slightly below at $22.40 and the 0.5 Fib is at $21.60.
So this is certainly the area to be watching now for support.
Earnings are not due till around the 6th of May so there is still time for this to drift down more, which is what we tend to see with $PLTR, a low before earnings and then an explosive reaction on any sort of positive news, massive reactions come here after earnings....even if it is not warranted.
So the plan right now:
Watching for support on the 50 Day MA at $22.40
Failing that: watching for support on the 0.5 Fib at $21.60 and $20.20 on the 0.618 Fib
The best case scenario for us would be the gap fill down to $17.81.
Those who are considering a DCA strategy shortly, be smart and sensible and split your allocation into 5 parts and be prepared for more downside first.
