Price Target, Pivot Updates on Palantir, Rocket Lab, SoFi and More
A recent stock market rally has changed things for our favorite small-cap names.
You're reading 0 of 1 free page.
Register to read more or Unlock Pro — 50% Off Ends Soon
We pretty much kept our focus narrow as far as our "Stocks Under $10" and former SU$10 names are concerned. We have two triggered pivots and a couple of names that are closing in on pivot points. Consider this note a "heads up" in case one wasn't really focusing on these stocks.
Palantir Technologies (PLTR)
This is the PLTR chart that I showed you a couple of weeks ago. The stock has broken out of the falling-wedge pattern and taken out its pivot which was the 50-day SMA. Readers will recall that we had a $116 target on the stock that we added an upward bias to on April 14.
However, what if that falling wedge has morphed into a double-bottom pattern? That would increase the pivot, and subsequently the target price. Take a look at this:
This pattern puts a new pivot at the apex of the middle apex of the "W," which is $98 and has also been taken out as of Wednesday morning. That takes the target price up to $122 from $116. I still add down to the January low, and I still panic with a loss of the 200-day SMA. PLTR is set to report on or about May 5.
Rocket Lab USA (RKLB)
Readers will see that RKLB took out its 50-day SMA on Wednesday morning, which was out pivot. Our target price of $28 stands firm. We still add down to the 200-day SMA and panic at a loss of that line. RKLB is set to report on or about May 8.
Peloton Interactive (PTON)
Readers have probably already noticed that this position is already up 15.6% since we last addressed the stock just a couple of days ago. PTON has yet to make a run at our pivot, which is the 200-day SMA. It's very likely that the stock is being helped by swing traders as the 21-day EMA was tested and then taken. Our target price remains $8.25. That said, after such a quick run higher, it may be prudent to take some profits on at least a small portion of one's long position. At least that is my plan. PTON is set to report on or about May 2.
SoFi Technologies (SOFI)
Readers will see that the double-bottom pattern and $13.90 pivot that we discussed in March are still intact. That said, the recent sell-off took the nadir of the bottom number two lower than we had expected and now on the rise, the stock is still well short of pivot. Our target price of $18.50 still stands. Our new panic point would be the loss of that second nadir should this pattern develop into a Falling Wedge. SOFI reports next week, on April 29.
At the time of publication, Guilfoyle was long PLTR, RKLB, PTON and SOFI equity
