Charts Extra (Pro+)
Five Charts Traders Are Watching
PLTR: Palantir Technologies
- Traders are watching PLTR because it has been acting like a leading stock since the April 7 bottom
- If it can get up to $100 it would be a short term positive for the market
PLTR- Weekly
- The problem for position traders is we’ve seen the weekly uptrend broken
- And the stock trade consistently below the 13 week MA
- This can lead to a period of consolidation like we saw between Aug 23 and Feb 24
Once the weekly trend is broken like this. Some position traders take the approach that they will
not re-enter until the stock makes a new high. So they avoid the consolidation phase
Oil- Daily
It’s early…but “IF” April 7 did mark the low for this correction
Then one out of favour sector that is starting to perk up is energy
FANG: Diamondback Energy
One potential scenario.
- Tech stocks and the general market continue sideways over the summer month
- Sectors like Gold, Silver, Energy outperform
- As instability/inflation fears dominate