A tactical view on Palantir (PLTR)

We got a blog question on PLTR.

PLTR corrected 25% between August 12 and August 20 but has recovered since.

What is notable is that PLTR broke out from a February into May bullish consolidation pattern, with deep retests of this breakout in late May and early June, prior to reaching the upside target for this pattern at 185 in early August.

PLTR tactically bullish

Yesterday's rally pushed PLTR above nearby resistance at 161.15-163.20 and the rising 40-day moving average at 162.66. Holding this breakout would suggest a tactically bullish setup with upside potential back into the 180s, with a retest of the August peak at 190 not ruled out. Additional tactical bullish conviction would come on a decisive move above the 26-day moving average at 166.65.

Chart 1: PLTR daily arithmetic chart

PLTR has upside potential into 230s using the log scale chart

If supports continue to hold, the daily log scale chart for PLTR shows additional upside potential into the 230s.

Chart 2: PLTR daily logarithmic scale chart

Weekly absolute and relative trends remain bullish for PLTR

The weekly absolute and relative trend remain solidly bullish on PLTR.

Chart 3: PLTR weekly absolute and relative with absolute and relative trend scores