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Shares of Palantir edged lower in pre-market trading on Wednesday after falling sharply yesterday, as the stock continues to retreat from its record highs set in late December.
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The recent selloff comes after investment bank Morgan Stanley initiated coverage on the stock with an “underweight” rating and reports that Cathy Wood’s ARK Investment Management tech funds have sold shares in the company.
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The stock broke out of a rising gap in late December and has recently come under renewed selling pressure on a retest of the pattern’s downtrend.
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Investors should look for important support levels around $66 on Palantir’s chart. $59, and $45, while monitoring a major resistance area near $81.
Shares in Palantir Technologies (PLTR) were down in pre-market trading on Wednesday after falling sharply yesterday, as the stock continues to retreat from Record high Set in late December.
The latest selloff in shares comes after investment bank Morgan Stanley initiated coverage on the stock earlier this week with a “.less weight” rating and reports emerged that Cathy Wood’s ARK Investment Management tech funds had sold shares in the company.
The analytics software provider had an excellent 2024, year-end The S&P 500’s Best performing stock. Its shares more than quadrupled, boosted by growing demand for its suits Artificial Intelligence (AI) Software products.
Shares of Palantir were down 2% near $68.50 in recent premarket trading, after falling nearly 8% on Tuesday. As of yesterday’s close, the stock was down 18% from its Dec. 24 high.
Below, we take a closer look at Palantir’s chart and implementation Technical analysis To identify noteworthy price levels.
Shares of Palantir broke from a The growing gap in late December before retesting the pattern’s downward trend earlier this month. The stock has faced renewed selling pressure since then, however Trade volume remain weak.
Meanwhile, the Relative Strength Index (RSI) Falling below the key 50 threshold for the first time since early August last year confirms weak price momentum.
Let’s mention three important ones Levels of support Where during the forward sale one can encounter interest in buying shares and also identify a prime opposition Areas to watch during potential hikes.
First, investors should monitor how the stock reacts to the $66 level. This position on the chart finds a trifecta of support from mid-November topThe 50-day moving averageand a nearby 38.2% Fibonacci retracement levels When applying a grid from the late October low to the December high.
