I wrote about Palantir Technologies (PLTR) , a Stocks Under $10 holding, on May 18 and noted that "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."
With prices reaching my $15.25 price target, let's review the charts again.
In this daily bar chart of PLTR, below, I can see both the large base pattern in this stock and the sharp and strong advance in May and into early June. Prices trade above the rising 50-day moving average line and the rising 200-day line. The On-Balance-Volume (OBV) line shows us a slow rise from September with a stronger rise from early May. The Moving Average Convergence Divergence (MACD) oscillator is in a very strong bullish alignment above the zero line.
In this weekly Japanese candlestick chart of PLTR, below, I can see that PLTR has broken out of a base pattern. Prices trade above the rising 40-week moving average line. The weekly OBV line is strong and tells me that buyers are being very aggressive. The MACD oscillator recently crossed above the zero line for an outright buy signal.
In this daily Point and Figure chart of PLTR, below, I can see that prices reached the price target of $15.25.
In this weekly Point and Figure chart of PLTR, below, I can see a price target in the $31 area now.
Bottom line strategy: Traders who are long PLTR from previous recommendations could do some profit taking here. Prices have doubled in a month's time. A period of time with prices moving sideways would be welcomed. Raise stops to $12. $24 and then the $31 area are my new price targets.
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