Palantir Stock Crosses Resistance Level And Heads Higher. What's Next?

Palantir Technologies Inc. PLTR shares are trading higher Friday as retail traders push the stock up.

Palantir Technologies is a well-known stock in Reddit’s Wall Street Bets community.

The shares have been getting pumped alongside the rest of the stocks Wall Street Bets traders like to trade during Friday’s trading session.

Palantir Technologies closed 0.94% higher at $26.78 on Friday and was trading 0,075% lower, at $26.76 after-hours.

Palantir Technologies Daily Chart Analysis

• Shares have been climbing throughout the past couple of weeks in what technical traders may call an ascending triangle pattern.
• The stock is trading above the 50-day moving average (green), indicating the stock sentiment has recently been bullish.
• This moving average may hold as an area of support in the future.
• The Relative Strength Index (RSI) has creeped into the overbought range of 70-100 and now sits at 71.

Key Palantir Technologies Levels To Watch

• The $25 level was previously held as support and then as resistance. Now the stock looks to have broken that resistance.
• Higher lows have built up to this $25 resistance for the past few weeks and currently look to be breaking above the old level.
• The Relative Strength Index (RSI) moved above 70, showing the stock is being overbought.
• The shares trading in the overbought region means there are currently many more buyers than sellers in the stock.

What’s Next For Palantir Technologies?

The stock has been steadily trending upwards and moved up past the $25 resistance.

Bullish traders would like to see the stock continue to trade above this level. Bulls also anticipate the stock hold above the higher low trendline to maintain control.

Bears want to see the stock fall back below the $25 level.

If the stock can fall below the $25 level, then bears would like to see the stock fall below the higher low trendline.

This could cause the stock to see a further strong downward push. Bearish traders are also hoping to see the RSI start to fall and fall below the 50 levels, indicating that there would be more sellers in the stock than buyers.