Palantir Might Be Worth Trading After Consolidating Around $20

Benzinga2021-05-25

Palantir Technologies Inc(NYSE:PLTR) has been consolidating and is now worth considering a speculative trade on the long side, co-host Dennis Dick said Monday on Benzinga's YouTube show "PreMarket Prep."

What Happened: Palantir confirmed Monday it will support the U.S. Space Force and U.S. Air Force by providing its software for critical missions in a $32.5 million deal.

There is room up to the $25 level on Palantir, Dick said.

He recommended a tight stop-loss be put in place below the $20 level because although Palantir is consolidating, the stock is still in a downtrend, the "PreMarket Prep" co-host noted.

"As a trader, always think about what you can lose, not what you can make," Dick said.

If the stock can break through the $21.16 level Monday, co-host Joel Elconin added that he thinks it could trade up to $21.62.

PLTR Price Action: Palantir traded as high as $45 and as low as $8.90 over a 52-week period.

At last check Monday morning, the stock was up 1.01% at $20.95.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

Leave a comment
22