PLTR (Palantir Technologies Inc) has hit my final price target of the primary bull market uptrend line on the weekly time frame from the Nov 3rd post/video for a 50% drop/profit with an objective reversal/long entry here and/or any more pullbacks to that trendline with stops somewhat below on a weekly closing basis. However, based on the recent & still current sell signal/active short trade on QQQ, my preference would be to wait for another thrust down to a full tag of that 99ish price target which I shared on the daily charts back in November.
This link will start at the coverage of PLTR in the November 3rd Swing Trade Ideas video, where I stated my expectation that the stock would drop until first hitting my 127.87 (“128-ish”) weeekly chart target with a likely reaction “..park on there, or maybe rally..” for a bit (which the stock did, bouncing between that support & it’s 200-day MA’s, which I also stated in the video would likely be taken out & confirm a major trend change, when so). A couple of screenshots from that video, followed by the updated weekly chart below.
PLTR 11-3-25 video screenshot 1
PLTR 11-3-25 video screenshot 2
PLTR weekly June 26th
Zooming down to the daily time frame, here are the daily charts posted on that same day PLTR was trading at what proved to be its all-time high (Nov 3rd), with the masses just as bullish on this former crowd-favorite/going-to-the-moon stock as they are on the semis today, followed by the Nov 13th chart with the powerful sell signal of the primary uptrendline on the shorter, daily time frame taken out, along with the updated daily chart.
PLTR-daily-Nov-3rd
PLTR-daily-Nov-13th
PLTR daily June 26th
Bottom line: Those currently bullish on the stock market and/or PLTR can certainly make a case to go long PLTR anywhere from here and/or on any additional pullbacks to that primary uptrend line on the weekly chart and/or that 99ish support/target on the daily chart (which pretty much comes in with the weekly uptrend line.
As stated above, my preference is to hold off (before taking a long position) based on my current expectation of more downside in the stock market, especially the tech-heavy Nasdaq 100. At minimum, anyone who took this trade & is still short should consider lowering stops to protect profits, if holding out for more downside. Should the major indices (SPY & QQQ) drop much below my current final pullback targets of a backtest of the top of mid/late 2025 through early/mid 2026 sideways trading ranges & intersecting 200-day MA’s (T4 on the QQQ 60-minute chart), then PLTR will likely take out that primary uptrend line off the early 2023 lows on the weekly chart, falling to the next support levels/longer-term potential targets on the charts above.