PLTR Stock – Palantir Stock Is Itching for a Breakout
Last month’s earnings report flipped a switch for Palantir (NYSE:PLTR) stock. Prices were limping into the event, having fallen nearly 60% from their peak. Shareholders were desperate for a positive catalyst to stem the decline. And the market gods saw fit to toss them a lifeline. The sales numbers were good enough to bring buyers swarming, and PLTR stock has been marching higher ever since.
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Now, after a month-long climb, Palantir is testing some key overhead resistance zones.
Supply has entered the market, and we’ve got a bit of a fight on our hands here. The resolution of the statement will signal the stock’s next directional move. If you want to take advantage of it, read on. I’ll have a trade idea below.
To better understand Palantir’s return to up-trending status, it’s worth noting the broader recovery we’ve seen in growth stocks. Let’s take a closer look at the Nasdaq using the Invesco QQQ Trust (NASDAQ:QQQ).