PLTR for Tomorrow Trading 10/8/2024

Key Levels:

Resistance: The recent high around 40.29 acts as a strong resistance. If PLTR moves upward, this level will be critical for a breakout.

Support: The support level is forming near 38.80 based on the current consolidation zone. A drop below this could lead to a further decline towards 38.40.

Moving Averages:
The 15 EMA is crossing under the 161 EMA, showing bearish momentum is present. PLTR is trading below these moving averages, signaling downward pressure unless a reversal occurs.

MACD:
The MACD is currently bearish with the MACD line crossing below the signal line. However, the histogram bars are shrinking, which might signal a slowing in bearish momentum and potential consolidation or reversal.

Volume:
The volume has been decreasing during this downtrend, which may indicate that the selling pressure is weakening, and buyers could start stepping in soon.

Candlestick Patterns:
The recent series of red candles suggests sellers are in control, but the last few candles show consolidation, suggesting indecision at this level.

Plan for Tomorrow:
Bullish Scenario: If PLTR holds the 38.80 support level and moves toward 39.46, a break above this could lead to testing the 40.29 resistance. Look for volume increase for confirmation.

Bearish Scenario: A break below 38.80 could lead to a further decline towards 38.40 or lower. Watch for continued MACD weakness and low volume to signal continued downside.

Disclaimer:
This analysis is for informational purposes only and does not constitute financial advice. Always do your own research before making trading decisions.