Palantir Stock Price: Palantir Technologies in a tight range, key technical levels to watch

• Palantir still remains range-bound, struggling for momentum.
• Catalysts are in short supply with earnings not due until mid-May.
• Technical indicators are mixed but the short trend is slightly bearish.

PLTR shares remain trading inside the $20-$28 range that has been in place since February. Palantir launched on the stock market at the end of September 2020 at a price of $7.25 a share.

PLTR was co-founded by legendary Silicon Valley investor Peter Thiel. The firm is a data mining and analytics technology company. It helps companies integrate and analyse their various diverse data sets to help make sense of complicated data. Palantir streamlines decision-making based on data analysis. The company helps with search functions and is heavily involved in the security industry, with links to law enforcement agencies such as the FBI, CIA and Department of Defense.

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Ignoring the price spike from Jan 27 (peak GameStop day!) Palantir has a number of bullish technical features one can identify from the chart. The low from March 5 at $20.18 was sharply rejected with a close significantly higher. This is similar but not exactly like an inverted shooting star candlestick formation or a hammer. Either way, the bullish logic can be evidenced by the close being much higher than the intraday low. PLTR shares retraced to test these lows in late March and failed. Again, a bullish case. 

Adding to this bullish case is the MACD crossover signal on April 1 – hopefully not a joke for bulls.

All the bulls need is for PLTR shares to break and remain above the 9 and 21-day moving averages at $23.39 and $23.71 respectively.

At the time of writing, though, it appears PLTR is in a slight bearish phase with a move to the bottom of the triangle formation. The line in the sand is located at $20.86, the key level to remaining bullish. While this is not the ultimate low from March 5 mentioned earlier, it would end the series of higher lows. The MACD is narrowing, so this needs careful watching. The Directional Movement Index nearly gave a sell signal on April 14 but has just avoided turning bearish. 

Bulls should be targetting a recapture of the moving averages, a break out of the triangle with the intermediate target being $27.48, the high from March 15. A break of this level would give further continuation to the bullish trend's ultimate goal, which is to fill the gap from February 12 to 16. A break of the lower end of the gap at $30.44 should see PLTR shares rapidly move toward $32. 

A break of $20.86 would turn the view bearish and the next support would be found at $20.18, and then near $18.

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