PLTR reported a record net income in Q3 2024, highlighting strong financial performance and growth in the government and commercial sectors, especially with AI projects moving from trials to deployment. However, given its high valuation, there are concerns about whether this revenue growth will reaccelerate.
PLTR is reaching the top of the uptrend channel 83. A break above this level is required for a continuation higher in still third long-term upside wave but there is also a possibility of a reversal lower from here and a fourth wave pullback to 50 before an extension higher in the fifth wave. From January 2023 PLTR stocks have gained 1305%. Learn to Trade stocks profitably.
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PLTR’s 3-day chart reveals a strong upside resistance and a rejection from 83 indicated by the KNOWPO trading system. At this point, sell positions have a greater probability of success than buying positions. If we get a confirmed break above 83 we should see an extension of the third wave higher however RSI is showing signs of an upside momentum weakening so I am expecting a strong reversal from here.
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“The key to trading success is emotional discipline. If intelligence were the key, there would be a lot more people making money trading”
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How to trade this?
It is a fact that a strong upside resistance for Q4 2024 is 83 and If we get a confirmation of a breakout and a sustained extension above this level we could see still a strong upside continuation higher in the extended third long-term upside Elliott Wave. You can take the short trade here with a stop loss above 87. You can trade with put options as well. For inquiries about account management or copy trading please write to [email protected] or contact me on WhatsApp or Live chat.
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