Palantir Technologies (PLTR Stock) Price retreats ARK buys more at technical support level

Palantir shares are stuck in a bearish trend.
PLTR sees Cathie Wood's ARK buy more.
PLTR sitting on triangle support formation.

Stocks Reporter FXStreet

Update April 21: PLTR shares have slid back toward the bottom of our triangle formation and sit at a key level. MACD and Direction Movement Index (DMI) have flagged crossover sell signals recently. $20.97 support holds the last chance for bulls.

Update April 14: Palantir Technologies Inc (NYSE: PLTR) has turned down in Wednesday's trading, changing hands around $25.31 at the time of writing. Te slide of nearly half a percent comes after shares of the Denver-based firm initially shot higher and topped $26. As described below, several bullish catalysts have aligend, thus potentially making the current slide a buying opportunity.

NYSE:PLTR has finally seen the bullish sentiment align with its stock performance after weeks of investors on FinTwit and Reddit calling for a bottom to its downward trend. On Tuesday, shares of Palantir started off well but ended the day stronger as it gained 8.91% to close the trading session at $25.42. This price level represents the highest since the middle of March and investors are hoping that Palantir is finally beginning to retrace to levels last seen before the post-IPO lockup expiration where various high-ranking executives sold off millions of their shares.

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One of those executives is Peter Thiel who is the co-founder of Palantir as well as the fintech behemoth company PayPal (NASDAQ:PYPL). Along with another Palantir executive Joe Lonsdale, Thiel reiterated his support for Bitcoin and other decentralized currencies, but warned that governments like China are already digitizing their financial system at a faster rate than America. Currently, the IRS uses Palantir’s technology to search data for tax evasion, and Thiel’s history in the fintech and data analytics industries could put Palantir in the driver’s seat for a potential U.S. digital currency down the line.

PLTR Stock Forecast

Thursday marks the scheduled showcase of Palantir’s Foundry software platform to potential clients from all over the world. While any form of digital currency system would undoubtedly utilize the Gotham platform for governments, any discussion of the potential of this in Palantir’s future could send the stock skyrocketing. It is interesting to note that following Palantir’s first Demo Day in January of this year, the stock struggled in the weeks following.

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Stocks Reporter

FXStreet

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