Chart of the Day: Palantir Remains Bullish Through All the Volatility
The stock is still in great shape as money continues flowing to this name.
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The meteoric rise of Palantir PLTR in 2024 was historic and truly great to see. The push higher even continued as we started the new year with a bang, but as we often see, gravity takes hold of stocks. And often we are not prepared when stocks shift gears and head lower.
Notice the ugliness that ensued over the four weeks from February to March. The stock dropped some 40% over that timeframe and even fell more in early April to levels not seen since Thanksgiving. It was clearly a bearish period and is reflected in the purple and pink GoNoGo candles in the price chart below.
But as stocks started to recover so did Palantir, racing higher into their next earnings print just last week before selling off post-earnings on some needed profit-taking. As it stands, the stock looks well-positioned for a strong up move later in the year, which may start sooner than later.
Momentum is growing, the stochastics are ready for another run higher, while money flow remains bullish. It is this indicator (Chaikin money flow, bottom pane) that is encouraging for the bull case. Indeed, MACD (moving average convergence/divergence) is on a buy signal and prices are now reflecting bullish candles (blue, teal).
We look for Palantir to be making slow and quiet moves upward.
We rate Palantir a Two in TheStreet Pro Portfolio, or "stockpile on pullbacks."
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