Palantir (NYSE: PLTR) stock price is taking a breather after a major price rally this year. The stock of the big data analytics firm posted minor gains of 0.2% on Monday. While the shares are currently 9.5% up from their August lows, they remain 24.5% below their yearly highs.
On Wednesday, Palantir shares slid 0.13% in the pre-market session. The stock has been trading sideways after a rebound from last month’s lows. There seems to be a lot of demand around the $13.60 level, which has now become a strong support.
Palantir Share Price Fell 24.5% In August
After a 29.4% gain in July, the stock of Palantir Technologies fell 24.5% in August. Nevertheless, Ark Invest’s Cathie Wood remains bullish on the stock. According to the latest news, the veteran investor has added more Palantir shares to the company’s portfolio.
The latest purchase by Cathie Wood comes less than a month after she bought $12 million worth of shares in August. However, the Palantir stock price is still trading 8% below last week’s high of $16.35. Technical analysis shows that the bulls are still very much in control.
Palantir Stock Price Prediction
Even after a major pullback, NYSE: PLTR is still trading 41.4% above 200 MA on the daily chart. It is also evident that the price is gaining strength above the previous range highs of $11.60. As long as the bulls hold the $13.6 support level, Palantir stock price forecast will remain bullish.
A breakdown below this support level will put a retest of the $11.6 on the cards. If bulls gain momentum in the coming days, I expect another retest of the $17 resistance. This will be a more than 12% upside from the current price level.
In the meantime, I’ll keep sharing updated Palantir shares and my personal trades on my Twitter, where you are welcome to follow me.
