Why I Bought Palantir (PLTR) at $78
I decided to buy Palantir (PLTR) at $78 after observing its price action and technical signals. Here’s my reasoning:
Higher Highs and Higher Lows 📈
Palantir recently hit $82, marking a higher high in its trend, followed by a retreat to $77.41. This movement established a higher low, a classic indicator of an uptrend. These patterns suggest that the stock has regained bullish momentum, making it an opportune time for me to re-enter.
Resistance Turns to Support
The price previously struggled to break above $77, which acted as a resistance level. After the stock surpassed this level and then pulled back, $77 now appears to have flipped into support. This change in role is a strong technical signal, providing me with confidence to buy at $78, slightly above this new support zone.
Risk and Reward Balance
By entering at $78, I positioned myself close to the support level at $77, limiting my downside risk. If the stock holds above this level, there’s potential for it to retest the $82 high or even move higher. This alignment of risk and reward makes the trade more favorable for me.
Following the Trend 🚀
Palantir’s recent price behavior aligns with an ongoing bullish trend, reinforced by its ability to make higher highs and higher lows. Buying at $78 allowed me to join this trend while staying cautious of any potential pullbacks.
This decision reflects my approach of combining technical analysis with prudent risk management, ensuring I stay on the right side of the market’s momentum.
Disclaimer: This is my personal trade analysis and not financial advice. do like and comment too
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