Palantir (PLTR) retests its bullish breakout

Palantir (PLTR): Post-earnings pullback retests bullish breakout support at 190-188

PLTR reported earnings yesterday after the market close. The stock has gapped lower today to retest its breakout zone at 190-188, which is reinforced by rising 130, 26-, and 40-day moving averages (DMAs) from 188.76 down to 181.27. Holding these supports would keep the breakout intact, preserving the bullish setup with upside targets at 218-219 (61.8% extension), 234 (August-October bullish consolidation breakout target), and 266 (100% extension).

Today's downside gap at 195.70-201.82 provides a tactical overhang. PLTR must clear this gap to increase confidence that the breakout and retest from the early August into late October bullish consolidation pattern holds, keeping the pattern for the stock bullish.

Chart 1: Palantir Technologies (PLTR)