First a disclaimer:
NFTRH is a macro market planner and strategizer, not a trading service. But you knew that already. When plotting short setups, especially against massively momentum-fueled, over-valued darlings like this one, I disclaim. I want to be able to present ideas from both the long and short sides, but with the understanding that they cannot be recommendations because that is not NFTRH’s mission.
That said, PLTR has completed a bearish pattern by dropping below its neckline. The stock price is indicated to bounce today, per the pre-market. If one would venture to short this stock a bounce to the red neckline could be the place to do it. A more miserly seller might short at the convergence of the now down-sloping 50 day average (blue) and the 200 day average.
Stop loss above the 50 day average or if more lenient, above 180, which is where the price originally lost the SMA 50.
Preferably, we’d like to see a bounce to one or both of those upside objectives on decreasing volume, which has been the case since PLTR cracked the SMA 200 and the neckline on high volume.
Just an FYI, and of course it will be subject to the broad market and especially the Tech sectors.
NFTRH+ trade setup ideas are presented for consideration and further research only, not as recommendations. I may or may not personally take positions in all or even most NFTRH+ ideas, as it would depend on my portfolio composition at any given time. “Stop loss” and target levels are usually noted and should be respected.
