I recommended the long side of Palantir Technologies (PLTR) on April 13 writing that "Aggressive traders with a bit of patience could go long PLTR at current levels risking to $6. Add to longs above $10.50. The $15 area is our first price target."
Prices have shot up over 11% Thursday so let's check the charts again of this Stocks Under $10 holding.
In this updated daily bar chart PLTR, below, I can see traders who are long from April may have added to longs as PLTR climbed above $10.50. Prices are firmly above the rising 50-day moving average line and above the bottoming 200-day line. The trading volume is heavy today and that tells me that traders are voting with their feet. The On-Balance-Volume (OBV) line has been very strong this month and the Moving Average Convergence Divergence (MACD) oscillator is bullish.
In this weekly Japanese candlestick chart of PLTR, below, I see a bullish picture continuing to unfold. Prices are above the bottoming 40-week moving average line. The weekly OBV line shows a rise from the beginning of the year and the two recent white (bullish) candles. The MACD oscillator looks like it is now crossing above the zero line for a buy signal.
In this daily Point and Figure chart of PLTR, below, I can see an upside price target in the $15.25 area.
In this weekly Point and Figure chart of PLTR, below, I can see a price target in the $19 area.
Bottom line strategy: Traders who went long back in April are in the driver's seat. Continue to hold longs and additional buys above $10.50. $15.25 and then $19 are my new price targets. Raise stops to $8.90.
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