Palantir Forecast Today 04/09: Sits On A Trend Line (Video)

(MENAFN- Daily Forex)

• Palantir has been all over the place during trading here on Wednesday as we continue to test a pretty significant uptrend line that goes back to roughly the third week of April.
• The question is, can we continue to rise? We had shot higher after earnings and just fell out of bed.

Risk Appetite

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I don't think this is a Palantir problem. I think this is a risk appetite problem. I still favor Palantir over the longer term. The question of course is going to be, will it fall with everything else or will it become a leader again? I would not be surprised to see bullish pressure at this point. And quite frankly, at one point this morning, I thought that's exactly what was about to happen, but I had to pull the rip cord on a long position pretty quickly when things got a volatile in the NASDAQ overall. When you look at the index, you can see that yesterday on Tuesday, the market had sold off quite drastically and now Palantir recovered right along with the NASDAQ 100 because it ended up being a hammer. We'll wait to see whether or not that happens during power hour today.

Major Level Above

But right now, I think the key to all of this is $162. If Palantir can break above that level, then it could very well try to recapture the overall uptrend and go higher. The $175 level is a potential target on a breakout and then eventually the $190 level. If we were to break down below the $150 level, then Palantir could be in a bit of trouble. We might even test the bottom of the hammer from the August 20th session, which had an inordinate amount of volume come in and pick the market back up. We'll just have to wait and see because we've seen a pretty significant sell off. And then since then, we've been in a relatively tight range. Whether or not that remains the case, we'll find out in the next couple of days. And keep in mind, Friday is non-farm payroll Friday, meaning that there will be volatility anyway, if there's some type of shock at that announcement.

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