Palantir (PLTR) is on the move, as hoped.
As we noted on May 9, “At the moment, Palantir Technologies (PLTR) is gaining a good deal of momentum. All thanks to earnings, expectations for profitability, and artificial intelligence. In its latest quarter, the company posted an EPS of five cents, beating expectations for four cents. Sales were up to $525 million, as compared to expectations for $506 million.”
At the time, PLTR traded at just $9.55. It’s now up to $11.71—and running.
If investors bought in on our note, they may want to consider taking wins. All as the PLTR stock becomes overbought on RSI, MACD, and Williams’ %R. While we believe the stock could move higher over the long-term, immediate-term, it looks ready to pull back. The last time PLTR became this technically overbought, it dropped from about $10.31 to $7.70.