Anyone who denies the meteoric ascent of Palantir Technologies Inc. (NASDAQ:PLTR) is simply choosing to ignore the charts. Since making its public market debut in October 2020, the big-data analytics specialist — which serves multiple government and defense-related agencies — has made its mark. At the same time, PLTR stock isn’t invincible, losing more than 9% during Tuesday’s tech sector selloff. It raises the question: where will PLTR head next?When looking at the big picture, it’s difficult not to lend enormous credence to the bullish side of the spectrum. Since the start of this year, PLTR stock has gained over 106%.
Over the past 52 weeks, it has returned a remarkable 379%. By practically every commonly monitored technical gauge, the long-term price discovery process appears robust.However, Tuesday’s fallout threw a potential monkey wrench into the otherwise impressive machinery. While PLTR stock remains above key technical benchmarks, the huge red candlestick sent the price action below the 20-day exponential moving average. Furthermore, it should be noted that since April of this year, volume has declined while the price has moved up.Generally, technical analysts prefer volume to confirm price action. In this case, volume is contradicting the price, which could be a bearish signal.Nevertheless, the bulls will likely believe that it’s too early to panic. Earlier this month, Palantir demonstrated its resilience amid a difficult macro environment with a strong …Full story available on Benzinga.com
Source :
For further details, visit: https://www.benzinga.com/etfs/specialty-etfs/25/08/47343687/tech-fallout-places-direxions-palantir-focused-bull-and-bear-funds-in-the-crosshairs
