Palantir Stock: A FII Group Has Bought 1.26m New Shares of PLTR

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Palantir Stock

 

  • The price of Palantir stock has been going up as an FII group has bought 1.26m new shares
  • PLTR has strong support and close resistance; is it the right time to buy the stock?
  • MACD showed an Uptrend signal, while RSI showed a downtrend possibility.

Palantir Technology was founded in 2003 by Peter Theil and Alex Karp, among others. Palantir is a listed company on the New York Stock Exchange (NYSE) with a major focus on big data analytics, which is Machine assisted and human-driven. The company is headquartered in Denver, Colorado, United States. Having existed for over 20 years, the company currently has more than 3,838 Employees led by CEO Alex Karp. 

Why PLTR is Going Up

On the 28th of May, a big fund house named ARK Invest bought 1.26 million new shares of Palantir Technologies. ARK Invest has done this deal mainly for its Exchange-traded Fund (ETF).

After this news was made public, the reaction given by the stock market was so bullish that even at the time of writing, the stock was still in an uptrend and showed no signs of slowing down whatsoever.

PLTR Stock Previous Price Action and Forecasting

Until December, the price was moving sideways with a cap of around $9 and a floor of around $5. When the news about the investment became known, the stock finally broke its resistance made in the previous months of $10.18 and went up. 

Chart provided by tradingview.com

The stock is in a good uptrend with the price levels breaking resistances and forming new supports.

Supports and Resistances: The Immediate support for the current price is at the level of $16.13, and this level has some good volume for cushioning. 

The second support is established at the level of $14.19, which is again followed by a good amount of volume. 

The resistances are made with their confirmation dated to November 2021, with R1 at $20.81 and R2 at $23.28.

Indicators

MACD: The MACD line has been just crossed by the signal line, creating a gap of 0.2 in between, indicating an uptrend ahead.

RSI: The RSI is in the oversold zone with a current value of 64. It has declined a little from the point value of 73. This may create some confusion but keeping in mind that the RSI is a ‘lagging indicator’ and not a leading one like MACD will keep it clear.

EMAs: The 50 EMA had just crossed the 200 EMA during May 2023. resulting in bullish pricing; the gap between the two keeps increasing, making investors happy.

The current market sentiment is favorably bullish, creating an enticing environment for investors. Predictions align with this sentiment, leaning towards the buying side due to robust support levels and substantial trading volumes.

Should the price ascend to the $17.5 mark and maintain an upward trajectory, it signals an opportune moment for buying action. In such a scenario, targeting a range between $19.91 and $20.81 appears viable. These levels are expected to draw considerable attention from market participants, potentially leading to further price appreciation.

Conclusion

Founded in 2003, Palantir Technologies has established itself as a prominent player in the tech industry. As a listed company on the New York Stock Exchange (NYSE), the company boasts two decades of experience. Palantir specializes in facilitating advanced data analytics through a synergy of machine assistance and human-driven insights.

The recent emergence of the FII group ARK Invest onto the scene has significantly impacted Palantir’s trajectory. Their acquisition of 1.26 million new shares has triggered a notable uptrend in the stock’s performance. This development underscores the influential role that institutional investors can have on market dynamics.

In the current landscape, Palantir’s stock exhibits robust support levels that serve as pillars for the bullish momentum. 

Technicals:

Support: $16.13, $14.19

Resistance: $20.81, $23.28

RSI: 64.2

50 EMA: $15.3

200 EMA: $11.6

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