PLTR: Decoding the Current Pullback
Current Price Action & Trend:
Key Support Levels & Zones:
Conclusion:
The current price action is undergoing a correction within a defined uptrend. Technical levels, including dynamic trendline support and static Fibonacci retracement zones, are presented as key areas for observation, offering insights into potential points of interest for future price reactions.
Disclaimer:
The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.
Current Price Action & Trend:
- The asset has experienced a significant uptrend from its late March low of approximately 65.88 (marked as 1 on the Fibonacci tool) up to a peak of 148.44 (marked as 0) in early July. Currently, the price is undergoing a pullback from this recent high, trading around 129. An ascending trendline or channel acts as dynamic support on several occasions during the uptrend.
Key Support Levels & Zones:
- "Ideal Area 120" & Ascending Trendline Confluence:
- For PLTR an "Ideal Area is 120." This zone is notable as it aligns directly with the ascending blue trendline. This area is served as a point of interest or consolidation during the uptrend, suggesting it could act as a significant support level upon a pullback.
- Fibonacci Retracement Levels:
- A Fibonacci Retracement tool has been applied from the swing low (65.88) to the swing high (148.44) of the preceding impulse wave.
- The 0.5 Fibonacci retracement level is identified at 107.16. This level often acts as a significant support or resistance point.
- The 0.618 Fibonacci retracement level, commonly referred to as the "Golden Ratio," is located at 97.42. This level coincides with a broader orange horizontal zone labeled "Fib Golden zone & Strong Level 100." This confluence suggests a particularly strong area of potential support around the psychological 100-mark, bolstered by the Fibonacci ratio. The yellow ellipses indicate prior interactions with this broader zone.
Potential Scenarios (Illustrated by Dotted Lines): - Scenario 1 (Shorter Retracement): This path suggests a potential bounce from the "Ideal Area 120" and the ascending blue trendline, leading to a resumption of the upward movement towards previous highs (148.44) and potentially beyond.
- Scenario 2 (Deeper Retracement): This path illustrates a possible deeper pullback, indicating that if the "Ideal Area 120" does not hold, the price might seek support at the "Fib Golden zone & Strong Level 100" (0.618 Fib level around 97.42) before a potential reversal and continuation of the broader uptrend.
Conclusion:
The current price action is undergoing a correction within a defined uptrend. Technical levels, including dynamic trendline support and static Fibonacci retracement zones, are presented as key areas for observation, offering insights into potential points of interest for future price reactions.
Disclaimer:
The information provided in this chart is for educational and informational purposes only and should not be considered as investment advice. Trading and investing involve substantial risk and are not suitable for every investor. You should carefully consider your financial situation and consult with a financial advisor before making any investment decisions. The creator of this chart does not guarantee any specific outcome or profit and is not responsible for any losses incurred as a result of using this information. Past performance is not indicative of future results. Use this information at your own risk. This chart has been created for my own improvement in Trading and Investment Analysis. Please do your own analysis before any investments.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.