Palantir (PLTR) Building a Stairway to Heaven: Will It Reach $40?

Palantir's Starting Point

Palantir Technologies (NYSE: PLTR) has been on an impressive upward trajectory, further bolstered by the company’s strong Q2 2024 results. Investors are eyeing the stock's potential as it establishes itself above the $30 support level. Currently priced at $32, Palantir has reflected a 4% gain in just 24 hours. Over the past week, this artificial intelligence (AI) firm has rallied more than 8%.

PLTR's Next Target Analysis

Amid a bullish sentiment enveloping Palantir, analyses from TrendSpider suggest that the stock is on an upward trend. Observations of the weekly candlestick chart reveal a pattern metaphorically described as “building a stairway to heaven.” This pattern signifies a series of higher lows and higher highs, typically perceived as a strong bullish signal, indicating that Palantir is climbing step by step towards new heights.

Key Levels to Watch for PLTR

• PLTR recently breached a significant resistance level near $30.
• The breakout was supported by substantial volume, showcasing investor confidence.
• Recent quarters have seen consistent positive growth, with Q2 2024 reporting a sales increase of 25.3%.

With PLTR currently trading around $32, investors are left speculating whether the stock can continue its trajectory to $40. The next major resistance appears to hover between $35 and $37. If Palantir can conquer this range, $40 could become a reality.

Nonetheless, it’s crucial to remember that market stocks rarely advance in a linear manner, and investors should brace for possible pullbacks or consolidations ahead.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.