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PLTR – Possible Uptrend Continuation for NYSE:PLTR by Bison3415

NOTE: possible movement drawing set on 15min chart. Fibonacci set on 4h

Swing/intraday Analysis:

– 4h, uptrend wick rejection from support ema 200.

– 2h coming off “oversold”, retested level 61.8 of Fibo.

– 15 potential cross of ema 10 and 20, serving as support while beginning to retest of level 50% of fib 4h.

Possible Scenarios:

1) To confirm continuation long by respecting levels (fibo and pressure area) – Bullish .

2) Reversal to gain liquidity around $25.35 area, then continue uptrend with strength and break through area of pressure – Bullish .

3) Reverse back, break out level 61.8% of fibo, retest and continue downtrend – Bearish .

My most conservative strategies:

1. Wait for breakthrough and retest above rectangle area to then take LONG position. Ideally, I would take positions as it goes, in proportions, for example: 20%, 30%, 50%. I would monitor behaviour in respect to levels (fibo, $26.00 etc) and avoid getting greedy.

2. Wait for reversal, break out of the 61.8 fibo level, retest and then take BEARISH position. I would lock in profit around the $25.00 level, if breakout confirmed, aim at 25.6 – .5 area.

(Most ideal for options strategy)

I hope it can be of any help. Please comment below your thoughts, opinion and or suggestions. All will be very welcomed.

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