Palantir shares are set to be in focus on Monday after the Nasdaq announced that it had added the analytics software provider to its Nasdaq 100 Index. The stock has more than quadrupled since the start of the year, driven by growing demand for Palantir’s customizable AI offerings.
The company’s inclusion in the index comes after a strategic move to the Nasdaq from the New York Stock Exchange last month. Since breaking out of a cup and handle pattern in August, Palantir shares have trended sharply higher, with trading volumes indicating buying participation from larger market participants.
However, the relative strength index cautions overbought conditions, which could lead to near-term price fluctuations. The measuring principle, a chart-based technique, projects a bullish price target of $140.07, around 85% above Palantir’s closing price on Friday.
Investors should watch key lower levels on Palantir’s chart at $45 and a zone of support between $33 and $29. These levels are critical in identifying potential buying opportunities during retracements.
Source: https://www.investopedia.com/watch-these-palantir-price-levels-after-stock-s-inclusion-in-nasdaq-100-index-8761807