Palantir Technologies Inc.: Will PLTR Stock Sustain the $20?

• Palantir stock price is currently trading at $18.20 while witnessing a return of -2.73% during the intraday session.
• Palantir Technologies will announce next quarter’s earnings on August 7, 2023.
• The year-to-date return of PLTR stock price is 176.60% and the three-month return is 144.62%.

In early May, PLTR stock price exhibited prodigious growth of roughly 171% from the support level of $7.50 to the annual high at $20.24 on August 1, 2023, but it was halted there with a resistance level. This three-month rally of bulls entirely wiped out the bearish dominance. 

                                 

Now, the Palantir stock price is slightly moving in favor of bears in the market. The price indicates a -2.73% return during the intraday session. This same sequence of events had been seen during the entire upward trajectory graph, indicating that this bearish run will not last for long. 

Thus, there is a possibility that if the current candle can break the previous candle’s low, then the price might melt down toward the $16 level. If the current price breaks the previous candle’s high, then there is a high probability that the price might bounce back to the annual high. 

Palantir Technologies’ Executive Vice President Shyam Sankar sold 1,967,500 shares in Palantir Technologies for $39,353,935 on August 01, 2023, and this event resulted in the drop of PLTR stock price in the past few days.

Technical Analysis Of PLTR Stock Price

The relative strength index (RSI) trades at 58.10, indicating strength in the market during the intraday session.

Currently, MACD is bullish. The MACD value is 0.9322 and the signal value is 0.8583, and both are over the zero line, indicating that the MACD is positive and showing bullish signs for now.

PLTR stock price is currently trading below the 20, 50, 100, and 200-day EMAs, indicating weakness in the market. However, it reflects the heavy participation of sellers in the market.

The current market capitalization of Palantir stock price is $38.55 Billion with an average volume of 73.34 Million shares.

Conclusion

With the new development in Palantir Technologies Inc., the company unveiled its new artificial intelligence platform (AIP), which enhances its existing platforms with AI capabilities. The company reveals that there are high demands for AIP and they have already secured several contracts with customers in the fields of healthcare, energy, defense, and manufacturing.

Technical Levels

Major support: $7.32 and $7.19

Major resistance: $20.24 and $19.00