Peter Smith
⬤ Palantir stock found solid footing above the 0.618 Fibonacci retracement level after pulling back from yearly highs just above $200. This bounce shows renewed buying interest at a critical technical floor. The stock closed back toward the upper part of its weekly range, suggesting demand remains intact around this support zone even after deeper corrective moves from the peak.
⬤ The weekly chart shows PLTR's journey from its $207.61 peak through several Fibonacci levels. After losing the 0.786 band around $164.47, the stock stabilized near the 0.618 area - a natural retracement zone where many stocks pause or reverse. While some analysts see the tight consolidation as a potential bearish flag, the pattern hasn't broken below the crucial $126 support level yet. "The 0.618 retracement often acts as a make-or-break zone for trending stocks," noted in recent technical analysis.
⬤ Resistance now clusters near $139-$140 and extends toward $145-$150. These levels will likely absorb selling pressure before any meaningful advance continues. Breaking above this zone would signal stronger momentum returning, potentially opening the door for a move back toward $160+. How Palantir handles these resistance areas in coming sessions will determine whether this rebound marks a genuine bottom or just a temporary bounce within a larger correction.
⬤ Holding above the 0.618 retracement keeps the possibility of a rounded bottom alive. A breakdown below the major support band would reopen deeper downside targets and suggest the corrective phase isn't finished. The interaction between long-term trend lines and Fibonacci levels continues guiding price behavior during this transitional phase, as discussed in recent PLTR stock analysis.
Peter Smith
