Is Palantir Stock Ready To Break Out? - Palantir Technologies (NASDAQ:PLTR)

Palantir Technologies Inc. (NYSE:PLTR) shares were trading higher Thursday, possibly bouncing back after dipping lower Wednesday. The stock moved lower Wednesday after reports indicating the company's software program used by the FBI allowed some unauthorized employees to access private data.

Palantir Technologies was up 2.11% at $24.88 at last check.

Palantir Technologies Daily Chart Analysis

The stock looks to be attempting to break out of what technical traders call an ascending triangle pattern.
The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the sentiment in the stock is likely turning bullish.
Each of these moving averages may hold as a potential area of support in the future.
The $25 price level has held as resistance multiple times in the past, but now the stock looks to be on the verge of breaking past this level. The higher low trendline is somewhere the stock has previously been able to find support.
The Relative Strength Index (RSI) has been moving in the last couple of weeks and now sits at 58. This shows the stock has seen more buyers in recent weeks than sellers.

What’s Next For Palantir Technologies?

Bullish traders are looking to see the stock breakout above resistance and push higher. Bulls are then looking to see a period of consolidation above the $25 level for a potential further push higher to occur later.

Bearish traders would like to see the stock fall below the higher low trendline and be able to hold below it. Bears also want to see the stock cross below the moving averages. If these things were to occur, the stock may see a change in trend and sentiment.

PLTRPalantir Technologies Inc

$132.40-1.00%

Overview

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