Palantir Technologies Inc. (PLTR) has been one of the standout performers in the stock market, with its share price soaring past $70.96. After breaking key resistance levels in recent weeks, the stock shows strong momentum, leaving investors wondering: how far can this rally go?
Technical Analysis: Key Levels to Watch
Based on the daily chart, PLTR has made significant gains, but it’s approaching critical levels that could dictate its next move:
- Immediate Resistance – $75.00:
The stock is nearing the psychological resistance of $75. If PLTR clears this hurdle with strong volume, it could open the door for further upside, targeting $80 or higher. - Support Levels:
- $58.63: This was the previous breakout level and now acts as a key support. A retest here would indicate a healthy correction rather than a bearish reversal.
- $51.85: If the stock faces significant selling pressure, this deeper support zone could come into play.
Can the Rally Continue?
- Bullish Case:
If PLTR breaks above $75, it could extend its rally toward $80 and potentially $85 in the coming weeks. Strong earnings momentum and institutional support suggest the bullish trend is far from over. - Bearish Case:
A failure to sustain levels above $70 could lead to a pullback toward $58.63. This would likely be a natural correction after such a steep rally, rather than a bearish reversal.
Outlook: A Stock to Watch
Palantir’s impressive performance and its role in the AI revolution make it one of the most exciting stocks to watch. While short-term corrections are possible, the long-term outlook remains optimistic as the company continues to deliver strong results.