PLTR (Palantir Technologies Inc.) offers an objective short entry on this post-opening snapback rally following today’s earlier gap/break-down below the uptrend line as per yesterday’s video. Stops should be commensurate with one’s preferred price target(s), relative to their specific entry price(s) using a favorable R/R of 2:1 or better. Daily chart below.
PLTR daily May 6th
Technically, the short entry as per the criteria from yesterday’s video (i.e.- wait until after earnings, which were last night, and then short once prices fell below the uptrend line, which happened in last night’s after-hours session shortly after earnings were released) were triggered yesterday. With the big gap down at the open today, I waited for a half-decent (4%+) snap-back/dip-buying rally before sending this alternative entry or add-on out to provide a more favorable entry or add-on price.
PLTR daily with AH trades May 6th
PLTR 1-min May 6th
The daily and 1-minute charts above have last night’s post-market and today’s pre-market trades turned on, highlighting how the stock made a steady and fairly orderly drop below the trendline and into the pre-market session this morning.