Why I Continue To Be Bullish On PLTR
This past Friday was a good day for$Palantir Technologies Inc.(PLTR)$
PLTR surged nearly 5% on Friday, with trading volume almost double the 90-day average.
Call options dominated the action, making up 80% of the total contracts traded. This suggests a strong bullish sentiment among options traders.
The high volume on the $27 strike price call expiring that same day is particularly interesting. This indicates a concentration of bets that the price will rise above $27 by expiry.
Ark Invest, led by the tech-focused Cathie Wood, added a significant amount of PLTR shares to its ARK Autonomous Technology & Robotics ETF last week. This is a clear signal of her belief in Palantir's future potential.
PLTR Weekly Chart
For the past few weeks, I've been accumulating PLTR shares and selling puts. The recent price increase and bullish options activity validate this approach. Selling puts allows me to collect premium while potentially acquiring shares at a lower price if the price falls.
While the outlook is promising, there are still factors to consider.
Analyst Downgrades: Despite the recent rally, some analysts remain cautious. It's important to stay informed of different perspectives.
Overall Market Conditions: A strong market can lift all boats, but a downturn could impact PLTR as well.
Overall, I believe the recent developments paint a bullish picture for Palantir. The combination of strong price action, call option activity, and Cathie Wood's investment adds to the positive sentiment. My strategy of accumulating shares and selling puts seems to be on the right track so far, but remember, the market can be unpredictable. Always do your own research and be prepared to adjust your strategy as needed.
Disclaimer: This is just my analysis of Palantir, and you should always do your own research before making any investment decisions.
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