Watch These Palantir Price Levels as Stock Continues to Retreat From Record High
Key Takeaways
- Palantir shares moved lower in premarket trading Wednesday after falling sharply yesterday, as the stock continues to retreat from its record high set in late December.
- Recent selling comes after investment bank Morgan Stanley initiated coverage on the stock with an “underweight” rating and reports surfaced that Cathy Wood’s ARK Investment Management tech funds had sold shares in the company.
- The stock broke down from a rising wedge in late December and has recently found renewed selling pressure on a retest of the pattern’s lower trendline.
- Investors should watch crucial support levels on Palantir’s chart around $66. $59, and $45, while also monitoring a major resistance area near $81.
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