Why I think PLTR is Showing Bullish Signs
Despite a dip post earnings, I remain bullish on $Palantir Technologies Inc.(PLTR)$ for the long term. Here's why I'm adding to my position and believe a breakout is imminent.
PLTR Daily Chart
I freely admit I was wrong in predicting a post-earnings surge for PLTR. However, I used that opportunity to my advantage, accumulating shares at a discounted price in the $20-$22 range. While the short-term dip surprised some, my long-term thesis on Palantir remains unshaken. This company is a leader in the government data analytics space, and I believe their technology will continue to be in high demand.
My bullish conviction is further solidified by my options strategy. I've been successfully selling cash-secured puts on PLTR, generating income while the stock trades above my strike price of $20. This strategy allows me to potentially acquire even more shares at a lower price if assigned, further increasing my stake in the company.
PLTR PUT 20240719 20.0
PLTR PUT 20240621 20.0
The price appears headed for a retest of a key downtrend line formed since the March and May highs. A decisive breakout above this line would be a significant technical indicator, suggesting an end to the consolidation phase and a potential move towards higher prices.
PLTR Daily Chart
My bullish sentiment on PLTR is reflected in my portfolio. I've been steadily increasing my allocation to Palantir, confident in their long-term growth prospects. The company's position in the government data analysis sector and their continual focus on developing innovative solutions make them a compelling long-term investment for me.
While I'm excited about the potential for a breakout, I recognize that patience is key. Investing is a marathon, not a sprint. There will likely be further volatility in the short term, but I'm confident that Palantir is a company built for the long haul, and I'm prepared to ride out any short-term fluctuations.
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Disclaimer: This is not financial advice. Do your own research before making any investment decisions.
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.
- fishinglo·06-12Great analysis2Report