Chart of the Day: A Close Look at Palantir Ahead of Earnings
Did rallying from the deep dive in April cost the market darling a chance to move even higher?
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It's been quite a year for Palantir PLTR and it's only August! The stock was a darling late in 2024 following the election of President Trump as it appeared even more government contracts were headed its way.
The stock fell in February, bounced back and made an important low in early April. It has been up ever since with a series of higher highs, higher lows. That is the textbook definition of an uptrend, and, no question about it, as the candles have been mostly blue for months. That is bullish on the GoNoGo composite of indicators.
Other indicators supporting the price chart are also bullish, including money flow, MACD, and stochastics (momentum). It seems the stock is primed for a big move to the upside following its next earnings release on Aug. 4 after the closing bell.
But too much of a good thing may be bad, and if the stock sells off on good news we may just have to consider buying the dip. No question, the stock is priced for perfection — Palantir hit all-time highs last week.
We like Palantir in TheStreet Pro Portfolio and rate it a Two, or "stockpile on pullbacks."
At the time of publication, TheStreet Pro Portfolio was long PLTR.
