PLTR Stock Forecast: Palantir Technologies falls but finds support for a strong finish

NYSE:PLTR drops by 2.75% as growth stocks continue to get beaten down in a hostile market environment.
Palantir continues to be a target of Ark Invest as it loads up on the depressed stock.
Palantir finds intraday strength as a bullish reversal takes place.

Stocks Reporter FXStreet

NYSE:PLTR seems to have a giant target on its back from hedge funds as the data analytics giant continues to get flattened following an optimistic earnings call. On Thursday, Palantir fell a further 2.75% to close the trading session at $18.37, as the stock continues to grasp for support beneath its 50-day and 200-day moving averages. Palantir has now finished red in twelve of the last thirteen trading days, as the strong descending wedge continues to show bearish flags in this tumultuous market.

Stay up to speed with hot stocks' news!

Palantir certainly has one strong supporter in Ark Invest’s Cathie Wood, who once again loaded up on the stock after the closing bell on Wednesday. The cutting edge investing firm publicly discloses its ETF holdings after every trading day, and many on social media have picked up on Wood’s purchases of Palantir. Ark purchased a further 2,067,489 shares for its flagship Ark Innovation ETF (ARK.K), making Palantir one of the fund’s largest holdings alongside companies like Tesla (NASDAQ:TSLA), Square (NYSE:SQ), and Sea Limited (NYSE:SE).

PLTR price prediction

Thursday saw Palantir dip down to $17.82 in intraday trading, before seeing a bullish reversal in the afternoon which brought the stock price back up to $18.37 before the closing bell. It is a good sign for investors that Palantir found support before falling further as the stock has not seen these levels since November, just two months after the company made its debut via direct listing.

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Stocks Reporter

FXStreet

EUR/USD onsolidates around mid-1.1800s as traders keenly await FOMC Minutes

The EUR/USD pair struggles to capitalize on the previous day's goodish rebound from the 1.1800 neighborhood, or a one-and-a-half-week low, and consolidates in a narrow band during the Asian session on Wednesday. Spot prices currently trade just below mid-1.1800s, nearly unchanged for the day.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold bounces back toward $4,900, looks to FOMC Minutes

Gold is attempting a bounce from the $4,850 level, having touched a one-week low on Tuesday. Signs of progress in US–Iran talks dented demand for the traditional safe-haven bullion, weighing on Gold in early trades. However, rising bets for more Fed rate cuts keep the US Dollar bulls on the defensive and act as a tailwind for the non-yielding yellow metal. Traders now seem reluctant ahead of the FOMC Minutes, which would offer cues about the Fed's rate-cut path and provide some meaningful impetus.

DeFi could lift crypto market from current bear phase: Bitwise

Bitwise Chief Investment Officer Matt Hougan hinted that the decentralized finance sector could lead the crypto market out of the current bear phase, citing Aave Labs’ latest community proposal as a potential signal of good things to come.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.