Palantir Stock Snapped a Three-Week Losing Streak Last Week—Watch These Key Price Levels
Key Takeaways
Palantir Technologies ( PLTR ) shares were down slightly on Monday after gaining ground last week for the first time in four weeks.
Shares in the data analytics software company had come under pressure amid the political and economic uncertainty that has roiled financial markets, as well as specific concerns that reduced spending by the Department of Defense could cut into Palantir's business. The stock fell nearly 40% from its record high, set in mid-February, in less than three weeks.
The stock bounced back last week after the AI investor favorite announced six new large clients and inked a strategic product partnership with Nvidia ( NVDA )-backed startup, Databricks.
Despite the stock’s recent retracement , Palantir shares have gained about 14% since the start of the year and more than quadrupled in 2024 as commercial and public sector customers embrace the company’s AI-powered software to customize data aimed at improving efficiency. The stock was down 0.7% at $85.60 in recent trading.
Below, we take a closer look at Palantir’s chart and use technical analysis to identify key price levels worth watching out for.
Gap Fill
After the stock's large drop, the shares found buying interest after the price filled an early-February breakaway gap . However, more recently, the price has traded mostly sideways , indicating indecision among market participants.
While the relative strength index (RSI) sits below the 50 threshold, the indicator climbed to its highest level in three weeks on Friday, signaling improving momentum.
Looking ahead, let’s point out key support and resistance levels on Palantir’s chart that investors may be eyeing.
Key Support Levels to Watch
Investors should initially keep a close eye on the $85 level. While the stock traded below this price for most of last week, it managed to close above it on Friday. The location will likely continue to attract attention, given its proximity to the nearby 50-day moving average and an area of prior resistance that preceded last month’s breakaway gap.