PLTR on the Move: Key Levels & Setup for Scalping and Swing

Trading Plan and Technical Analysis for PLTR

Overview
Palantir Technologies (PLTR) has been displaying a strong uptrend, with price action respecting an upward channel. However, recent sessions have seen some volatility, creating both scalping and swing trade opportunities. Here’s a comprehensive breakdown of the setup, including supply and demand zones, order blocks, and key support/resistance levels to watch.

Key Levels

Support Zones:

$61.00: Immediate support that PLTR has recently bounced off. If it holds, this level could act as a base for short-term bullish momentum.
$57.13: Major support level to watch if the $61 level fails. This has previously seen significant buying pressure.

Resistance Zones:

$63.39: This is the first significant resistance level. A break and hold above this could lead to more upside.
$66.00: A key resistance near the top of the channel. This level would be a major target for swing traders.

Price Action & Supply/Demand Zones

Demand Zone: The region between $59 and $61 has shown consistent buying interest and aligns with previous demand levels. If the price retraces here, it could provide a solid entry for scalping or even a potential swing entry if it shows strong support.

Supply Zone: The area around $63 to $65 has seen sellers stepping in. If PLTR rallies into this zone, watch for possible rejection unless it breaks out with strong volume.

Order Blocks & Market Structure

Bullish Order Block: Around $59, we can see a strong area of support where buyers previously stepped in. Any pullback into this level could present a buying opportunity if we see buying volume return.

Bearish Order Block: Near $63.39, where sellers have taken control before. A break above this could signal a continuation of the bullish trend, but any struggle here might indicate another pullback.

Entry & Exit Suggestions

Scalping Entry: Look for entries around $61.00, especially if price action confirms support here with a bounce. Target quick exits at $63 with a tight stop below $60.50.

Swing Trade Entry: Consider entering near $61 with a target toward $66 if the overall trend remains bullish. Set a stop loss below $59 to manage risk.

Directional Outlook

Bullish Scenario: If PLTR holds above $61 and breaks through $63.39 with strong volume, it’s likely we’ll see a move toward the $66 level. This would make a solid case for a swing trade.

Bearish Scenario: A breakdown below $61 could lead to further downside, targeting the $57.13 support zone. This would be a short opportunity, but I’d wait for a clear break and close below $61 to confirm bearish momentum.

Thoughts and Suggestions
For scalpers, watch the $61 support level closely, as it has shown to be a pivot point in recent sessions. Swing traders should keep an eye on $63.39 as a breakout level. Volume confirmation at these key levels will be essential for determining the strength of any moves.

Overall, PLTR is respecting the channel well, but it’s important to be cautious if we see signs of rejection near resistance zones.

Disclaimer
This analysis is for informational purposes only and should not be considered financial advice. Always do your own research and consult with a financial advisor before making trading decisions.