- NYSE:PLTR fell by 0.47% amidst another day of broader market sell offs.
- Palantir is nearing oversold territory and once again found support above $21.00.
- Palantir has been getting hammered by put sweepers, signalling that options traders have turned bearish.
NYSE:PLTR shrugged off its one-day reversal on Thursday as market makers gave investors a bloody end to July OPEX week. Shares of Palantir fell by 0.47% on Friday, and closed the tumultuous week at $21.37. All three major indices tumbled to close the week and the broader growth sector correction hit cyclical sectors like the travel and energy stocks as well. While Palantir continues to trade within a fairly tight range, the MACD has flipped over to bearish during these past couple of red weeks, signalling that the stock may need volume or a catalyst to snap this ongoing downtrend.
With a current Relative Strength Index of 31 after Friday’s session, Palantir is right on the verge of entering oversold territory. The data analytics giant has had a bearish sentiment over the past few weeks, but has also been dragged down by the broader markets which are currently mired in another growth stock correction that has seen many of the popular high flying names suffer massive losses. Things could turn around next week as July OPEX week has now ended, although with Palantir’s quarterly earnings call coming up at the beginning of August, investors may not see many big moves from the stock in the meantime.
PLTR stock forecast
If you are an investor that looks at dark pool data and institutional options activity as an indicator of market sentiment, then get ready for more bearish news. Palantir put sweepers have been getting hammered this week for September expiry dates, so there is some smart money out there that believes Palantir may have lower to fall.
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