Chart of the day

Where do we stand fundamentally?

Stock Exchange Listing Transfer: Palantir is transferring its Class A common stock listing from the New York Stock Exchange (NYSE) to the Nasdaq Global Select Market. The transition is set to take effect on November 26, 2024. This strategic move positions Palantir for potential inclusion in the Nasdaq-100 Index, which could enhance its visibility and attract institutional investments​.

PLTR has seen a significant rally over the past year, gaining more than 190%. The transfer to Nasdaq, combined with the potential index inclusion, could further improve trading volumes and liquidity

PLTR is reaching a possible short-term peak of 68. We need to see a breakout here for an upside extension to 85 and possibly higher. I expect a deeper pullback here in the fourth wave of the five waves long-term for a retest of the 45-50 zone of a previously broken strong upside resistance before a continuation higher.

We are in the development of the fourth wave short-term before a rally higher in the fifth long-term wave. Before an extension higher we could see a pullback from here in the short term. Invalidation of a swing lower will happen upon a confirmed break above 68.

_{Try a short trade entry with a stop loss above 70 to target 46.}