Palantir stock falls into a NoGo, but can it find support here?

4

March 2021

By

Alex Cole

Cathie Wood doubled down on Palantir stock yesterday, adding over 2.6 million shares. 
If we look at a daily GoNoGo chart of PLTR we can see that this is an interesting juncture for the stock.  After moving generally sideways for months, GoNoGo Trend shows that price has fallen into a “NoGo” trend and the GoNoGo Oscillator is below zero on mostly heavy volume after breaking below zero in mid February.  

As a counter to the “NoGo” technical environment that we are seeing, price is at levels that have been support before.  There does seem to be demand at these prices which could see price struggle to maintain its “NoGo” trend.  In addition, the attention the market pays to Ark Investments, that news alone could help buoy the stock in the short term.