Palantir share price looks set for another move to the downside if the pattern on the daily chart plays out as expected.
The daily chart of the PLTR stock shows Palantir share price trading within the consolidation flag area, following a period of down-trending price action.
Despite the company’s announcement that it had received a one-year extension to the coronavirus vaccine distribution contract by the US Department of Health and Human Services, the price setup continues to disappoint. No announcement as to the financial value of the extension was made, making it hard for investors to decide if PLTR stocks are worth acquiring at the moment.
The Palantir share price move for the day is bullish, registering a marginal increase of 1.47% as of writing.
Technical Levels to Watch
The Palantir share price outlook appears bearish, as price action nears the breaking point within the consolidation pennant area. The expected resolution of this pattern is for the price to break down the pennant, targeting 20.79 initially before 17.06 and 14.39 (13 November) emerge as new targets to the south.
On the other hand, a surprise push above the pennant also breaks above 22.61 in a move that would invalidate the pattern. This move opens the gateway towards 24.26, with 27.50 (15 March and 28 June highs) and 30.03 lining up as additional targets to the north.