Palantir Technologies

  • PLTR

  • $27

  • +1.95%

  • $27

  • $27

  • $27

Granny Shots

Ticker Appearances

Tue, February 6, 2024 | 1:06PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Tue, February 6, 2024 | 1:06PM ET
Palantir (PLTR 1.95% ) jumped more than 25% early on strong results, which spurred on upgrades, as it recorded its first annual profit and is reporting big AI demand. Wedbush analyst Dan Ives has called the company the "Messi of AI", raising his target to $30 from $25. Today's mid-day volume of 437 mm is already as high as last Fall and might exceed those totals potentially by day's end. I agree with Ives' fundamental target as a 2024 possibility, but initially $25.50 approximates the 50% retracement zone of its prior selloff and should have technical importance as initial resistance. Ives' target lines up closer to a 61.8% Fibonacci retracement area and does look to have importance, and I agree that technicals and fundamentals could line up in this regard, as this looks attractive to me.
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