PLTR Price Prediction: Palantir Technologies Inc bulls need to surpass these two technical hurdles

If a stock falls when broader markets rise, its weakness is exposed in the open – that is what Palantir Technologies Inc (NYSE: PLTR) is experiencing on the first day of May. Shares of the somewhat secretive technical company has been struggling to gain ground amid concerns of insider selling. If CEO Alex Karp is dumping shares, what should retail investors do? 

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On the other hand, the company is somewhat less controversial than it used to be. Helping Britain's National Health Service (NHS) to cope with COVID-19 is seen as a much more noble cause than unknown work for the CIA. Moreover, investment from Cathie Woods' ARK has also helped put the company founded by Peter Thiel in front of investors. 

Can it move higher? Technicals are painting a mixed picture.

PLTR Stock Forecast 

NYSE: PLTR has kicked off Monday's trading session with a drop of nearly 2% at the time of writing. If the trend continues, it would prove that the closing level of $24.11 recorded on April 26 was a lower high – following the footsteps of the $25.42 top seen on April 13. 

Surpassing both these levels is critical for resuming the uptrend. Can PLTR do that? Thinking defensive, the critical support line to watch is $21.78, which was a low point on April 20. There is still substantial room from current prices to that point, implying further selling could be absorbed before bargain-seekers would need to jump in.

All in all, the red on the chart is not the best picture for those investing in Palantir, but bulls have a clear path to the upside – should they pick it.

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.

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