As everyone is enjoying the weekend, we want to give the members a special update!
We cover Palantir for over a year now, and the stock has been trading downwards ever since. Because of the whole bear market last year, which hit technology stocks especially hard, bullish signals couldn’t be observed in this stock.
However, since the new year Palantir could steadily build up momentum and managed to gain almost +23% since the significant low @5.92$. We estimate that the whole bearish count has finally come to an end, and it is very likely that 2023 is going to be a lot better for Palantir than 2022!
From a technical perspective we can clearly say, that Palantir finished three bearish waves, which are marked in orange (iv), red 4 and in purple (4). The last wave down formed a very common chart structure, which is known as the “ending diagonal”. In such chart structures, a wave 3 is mostly very short and wave 1 seems to be very big in comparison to the other waves. The price action in Palantir really depends on how the Nasdaq will perform in the following weeks, currently the whole market seems to recover, and we are confident that Palantir will profit from this.
Investors who are interested in this company and who don’t already hold stocks can use this opportunity to accumulate in our marked zone. (9.63$ - 5.13$)
We currently cover a microcount which can be seen below, as many investors who are familiar with Elliot waves know – micro counting is very speculative. We are going to monitor Palantir very closely in the next weeks and if investors on here are interested in this company we could post updates about it more frequently.
In our microcount we are currently in wave (v) in green. The wave (v) should push the price into the orange Fibonacci zone ranging from $7.24-$7.70, overshooting is possible. After this the price should go into a small wave 2 correction, we will calculate a new buy zone for wave 2.
Please note that we are already invested in Palantir with 2 positions, which we announced last year. If Palantir manages to establish a minor bullish wave 1 – wave 2 we will decide to acquire another position…
Long #1 (Announced 21.03.2022)
AVERAGE EXECUTION PRICE: 12.53$
LONGTERM TARGET: +80$
Long #2 (Announced 09.05.2022)
AVERAGE EXECUTION PRICE: 7.59$
LONGTERM TARGET: +80$