Stock Analysis Update – Palantir $PLTR

Since my last post here, $PLTR has hit the strong resistance level of 27.39 which is exactly at the Fibonacci level of 38.2 from the previous technical analysis. This triggered a sell-off as investors were moving funds away from high-growth stocks into value and cyclical stocks, to play the re-opening following Covid-19, and also due to an increasingly hawkish stance by the U.S. Federal Reserve.

The bear case would be that the sell off may continue until it hits the first strong support level of 23.52 which is the confluence at the Fibonacci level of 61.8 as well as its mid term 20 EMA level.

Mid to long term wise, i still have full conviction for $PLTR and looking forward to its rebounding when nearing its next earnings call on 9 Aug 2021.

In the meantime, you can buy put options for $PLTR at 23 level to protect your holdings (which is what i had done)

if you wish to understand about $PLTR and what makes it a great growth stock to hold for capital gains , do read my blog posting here from my portfolio spotlight series.

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