PLTR Stock Forecast: Palantir Technologies finishes strong despite continued Bitcoin lull

NYSE:PLTR gained 0.68% on Friday as growth stocks continued the rally into the Memorial Day long weekend.
All signs point bullish for Palantir as the stock finds a crucial support from investors.
Palantir finds another partner as the data analytics company takes to the skies.

Stocks Reporter FXStreet

NYSE:PLTR may finally be finishing off its consolidation phase as bullish investors continue to support the popular stock above the $20 price level. On Friday, Palantir closed the week off strong as growth sectors continued the rally from Thursday’s session. Shares jumped by 0.68% to close the final trading day before the Memorial Day long weekend at $20.75. Palantir has managed to stay above the $20 price barrier ever since it reported its quarterly earnings last week.

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Bullish investors are hoping that this is where Palantir has found a key level of support, after falling down to $18 at the bottom of its previous descending wedge. It should help with positive sentiment moving forward, especially with Palantir’s recent relative strength upgrade, as well as the stock being mostly unaffected by the recent crash of Bitcoin. Palantir has also avoided being dragged into the recent meme stock short squeeze that has been revolving around AMC (NYSE:GME) and GameStop (NYSE:GME).

PLTR price prediction

Palantir announced another new partnership, this time with an up and coming eVTOL air taxi company called Lilium which is set to go public via a SPAC IPO later this year. In fact, Palantir is one of the PIPE investors in Lilium, and has put their money where their mouth is with a five-year data integration deal as well. Lilium is designing seven passenger air taxis that it plans to have in operation by the year 2024 at the earliest.

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Stocks Reporter

FXStreet

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