PLTR News: Palantir Technologies falls as rising inflation sends markets downward

NYSE:PLTR fell a further 2.18% on Tuesday as the broader markets dipped on high CPI growth.
Palantir looks to be forming a descending wedge formation which could signal the stock is trying to break out.
Cathie Wood of Ark Invest issues a warning for value stocks.

NYSE:PLTR extended its decline on Tuesday as the data analytics giant continued to trade within range and frustrate bullish investors. Shares of Palantir fell by 2.18% on Tuesday, and closed the trading session at $22.45, pushing the stock even further beneath the 50-day moving average. Palantir is certainly looking to find its next level of support, as bulls eye the volume gap above $30, although that price level is moving further and further away with each passing day.

Stay up to speed with hot stocks' news!

One positive that Palantir bulls are identifying on the charts is that the stock seems to be forming a descending wedge pattern, which is usually a bullish indicator that the trend is about to breakout in the opposite direction. Palantir has been falling as of late, but has seen a trend of making higher lows. Tuesday’s decline may be more indicative of the broader markets showing weakness after rising inflation rates from higher than expected June CPI figures. After these premarket announcements, all of the major indices trended down throughout the day, as these macroeconomic events can drag all stocks down together.

PLTR stock forecast

Noted Palantir supporter and investor Cathie Wood of Ark Invest issued a warning to value stocks on Tuesday. The investor stated that deflationary forces in the economy will put value stocks ‘in harm’s way’. Wood has always been bullish on growth stocks like Palantir, and is widely considered one of the most forward looking fund managers in the financial world.

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.