Overview:
PLTR’s one-year reading for 2024.
Status: October 12th, 2023 8:46 p.m. Eastern time, reading price is USD 7.96
Behavioral Trends in 2024:
The PLTR’s behavior in 2024 is characterized by sideways movement with an upward trajectory. However, there are attempts to establish support levels during this period. Despite the sideways rally, there are intermittent peaks, although they may be brief and easily missed. These peaks are followed by small drops. There’s a notable rally around the highest high, characterized by increasing momentum. This rally seems to gather strength as it progresses, leading to significant highs on a one-year chart scale. This suggests that there are periods of bullish momentum within the overall bullish sideways trend, where the stock experiences notable upward movement. Overall, the behavioral trends for PLTR in 2024 involve a mix of sideways movement and significant highs. Investors may need to closely monitor support levels and market sentiment to navigate the fluctuations in PLTR’s behavior throughout the year.
Behavior around the highest high:
Behavior around the highest high involves a notable rally, signaling significant upward movement on a one-year scale. This rally is followed by sideways rotation as the market seeks to establish support levels, encountering important resistance on a multi-year scale.
Highs and Lows Analysis:
❖ There’s likely a highest high at the beginning and end of the year, with the highs and lows occurring within close time proximity. ❖ Potential highest highs in February, June, September, October and towards the end of 2024, indicating significant peaks or crests throughout the year. ❖ Probable lowest lows in January or June or August.
Price Levels and Strategy:
❖ Consider partial position adjustments, such as exiting long positions or preparing for a long-term downturn, especially with a high followed by a low and then another high in close succession. ❖ Expectations for (PLTR) suggest a potential price range near $40
Monthly Overview:
JANUARY:
Early January presents a mixed scenario in the market, with a rally initially followed by a decline later in the week. A notable trade opportunity emerges around a peak in early January, leading to a significant sell-off. The behavior around the low for January indicates a sell-off from a near-overbought peak, traversing multiple levels over several days. Erratic behavior characterizes trading around the highest high for January. Towards the latter part of January, a significant decline ensues, breaking through multiple support levels. A trough emerges around the cusp of January, marking a potential turning point in the market trend.
FEBRUARY:
Early February sees sideways rotation followed by a notable rally, marking the highest high for the year, potentially with a second slightly higher peak later in the month. The peak in February, especially the later one, is associated with a significant multi-day move, signaling a cash-out opportunity for long positions. A failed attempt to break through key resistance precedes a decline through key support in the latter part of February, possibly accompanied by two local troughs, with one around the cusp of February – March
MARCH:
March sees sideways price movement along resistance, with the same support level highlighted as in February, potentially indicating a period of mixed sentiment. Despite attempts to break through key resistance, followed by a decline through falsely established support. A trough is expected in early March. The failed attempt to breach resistance and subsequent decline in the later part of March marks a significant market event, potentially forming a trough around the cusp of March – April. The pattern observed in March resembled that of late February, indicating a recurring cycle of failed attempts and declines.
APRIL:
In April, there’s a potential for the price to reach its highest high again, possibly at a similar price level as before. Consider cashing out in February at the high and then opening a partial long position a the mid May low. During this period of volatility, there’s an opportunity to open a partial long position with the aim to exit at the cusp of April – May. Early April may see volatility and sharp drops, offering opportunities to play in both directions of the market. Overall, the strategy involves careful timing and responsiveness to market movements, with an emphasis on playing the highs and lows strategically to maximize gains.
MAY:
In early May, there was a notable surge in market activity followed by a significant drop from the high towards mid-month. Despite bearish technical indicators suggesting a downward trend, there’s an unexpected resilience in the market, leading to a notable move upward even in the face of apparent challenges. Towards the end of May, there’s a prominent period of decline, creating a downturn in market momentum. However, amidst this downturn, there emerges an improbable opportunity, offering a significant upside potential. This opportunity stands out among others during the timeframe, indicating a shift in market dynamics. Looking ahead, there’s anticipation of another peak in June, suggesting continued volatility and potential opportunities for investors.
JUNE:
In June, there’s a significant opportunity to open a long position at the cusp of May – and close it mid June before a notable decline across multiple support levels. This decline is accompanied by a notable reversal following the June low. This reversal is particularly striking when viewed within a one-year timeframe. Towards the end of June, there’s a highlighted range that is possibly a new high for the year
JULY:
In early July, there’s a significant crest and peak, marking a notable move to the upside. However, by the high of July, there’s a subsequent decline, gaining momentum as time progresses. This decline culminates in the July low, presenting an opportunity to initiate a long position on a multi-day scale, especially when viewed on a one-year chart on the cusp of July – August. This opportunity aligns well with previous insights, particularly the potential for a notable opportunity at a low point, as seen in June. At the July – August cusp, there’s a notable fake-out or shake-out scenario, where market participants may be misled into believing further downside potential. However, instead of continuing lower, there’s a reversal or bounce, potentially catching out those who bet on further declines.
AUGUST:
In early August, there’s a sideways fluctuating rally followed by a decline, possibly indicating a significant shift in market sentiment. There’s a probability of a highest high around August to September. Mid-August witnesses a notable decline from a high point, potentially signaling a shift in the trend. Towards the end of August, there’s a revisit to a support level previously encountered during a period of sideways rotation. This revisit coincides with a sharp drop, leading to a key support level, which is crucial on a multi-year chart scale. A significant move is expected around the cusp of August, possibly indicating a pivotal moment in the market.
SEPTEMEBER:
In September, there’s a notable back-and-forth movement in the market. An opportunity for profit arises, which could potentially mark another significant peak. There’s an important technical price level near the September low, suggesting a key support level. The September low might be revisited multiple times amidst volatility in the market. However, this period of volatility concludes with a rapid and sudden upward move, indicating a rally out of September.
OCTOBER:
In October, the market attempts to break through a distant resistance but encounters resistance, leading to a halt in the bullish trend around the October high. This halt is marked by a decline through key support levels. Later in October, there’s a sideways rotation along key support levels on a one-year scale. Towards the end of the month, there’s a significant move out of a low point, possibly 2 lows in October. This move out of oversold territory leads to a notable upside momentum, potentially culminating in a prominent peak on the cusp of October.
NOVEMBER:
In November, there’s a breakthrough of resistance, but the market failed to sustain the upward momentum, leading to a retracement back down with a full retracement of gains. Towards the end of the month, there’s a reversal back to the upside, possibly reaching the same price level as the earlier peak.re millowed by a temporary move back down before another push to the upside. This turning of resistance into support is significant on at least a one-year chart.
DECEMBER:
In early December, there’s a sideways rotation along the new support level established in November. This is followed by a significant move higher, evident on a one-year chart, possibly reaching another highest high. Near the December high, there’s a key resistance level that the market has struggled to break through in previous instances. In the later part of December, there’s another period of sideways rotation, which concludes with a rapid upward movement. The low of December coincides with an important resistance level on a multi-day scale, where multiple attempts to break through have failed. This resistance level adds significance to the price action around the December low.