- NYSE:PLTR looks to reverse the downtrend it experienced at the end of last week.
- Palantir continues to be a retail favorite which may actually present an artificial floor.
- Palantir looks oversold following Ark Invest’s one-day sell off.
NYSE:PLTR started off June as if it were ready to break out from its long period of consolidation following its climb to all-time high prices of $45.00. The end of June was a different story though, as Palantir closed the month and started July on a bearish downtrend. The good news for Palantir investors is that the stock managed to hold support above $24.00 on Friday, but if bearish momentum continues, Palantir would look towards its next area of support around $21.00.
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There may be a hidden benefit for shareholders of Palantir: the stock remains incredibly popular amongst social media retail investors. While Palantir may not be a full fledged meme stock like AMC (NYSE:AMC) or GameStop (NYSE:AMC), the popularity of the company does provide a bit of an artificial floor. It is consistently amongst the top stock tickers mentioned in the r/WallStreetBets forum, as well as on FinTwit. Does that mean Palantir is destined for an AMC-like meteoric rise? Probably not. There are enough institutional investors who hold long-term bullish outlooks on Palantir that it would not just be retail momentum that would see the stock rise further.
PLTR stock forecast
Given the timing of the recent downtrend, many have pointed at the selloff by Ark Invest’s Cathie Wood as the catalyst that caused retail investors to follow suit. At this point, it looks as though Palantir may have been oversold given the relative strength the stock was showing throughout June. For those looking to start or add to their position, oversold stocks sometimes make some of the best entry points.
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