Palantir Technologies (PLTR) saw a surge in its stock price after beating Wall Street’s quarterly estimates and raising its full-year outlook due to high demand for its AI software services. The company’s shares have increased by over 40% since the beginning of the year as more enterprise customers are utilizing its AI platform.
Despite a recent pullback, Palantir shares experienced a strong reversal on Monday, with trading volume reaching levels not seen since early May. This indicates that larger market players may have anticipated a significant earnings-related movement.
Investors should keep an eye on key price levels for Palantir shares post-earnings. The first resistance area is between $27 and $29, where two trendlines from previous swing highs could pose a challenge. A break above this level could lead to a move towards $39, where sellers might take profits near the February 2021 high.
A more bullish scenario could see Palantir shares reaching $45, facing resistance at the record high set in late January 2021. By analyzing past trends, a target price above the all-time high could be around $50.50.
It’s important to note that the opinions and analysis provided are for informational purposes only. The author does not hold any of the mentioned securities at the time of writing.
