- NYSE:PLTR fell a further 2.18% on Tuesday as the broader markets dipped on high CPI growth.
- Palantir looks to be forming a descending wedge formation which could signal the stock is trying to break out.
- Cathie Wood of Ark Invest issues a warning for value stocks.
NYSE:PLTR extended its decline on Tuesday as the data analytics giant continued to trade within range and frustrate bullish investors. Shares of Palantir fell by 2.18% on Tuesday, and closed the trading session at $22.45, pushing the stock even further beneath the 50-day moving average. Palantir is certainly looking to find its next level of support, as bulls eye the volume gap above $30, although that price level is moving further and further away with each passing day.
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One positive that Palantir bulls are identifying on the charts is that the stock seems to be forming a descending wedge pattern, which is usually a bullish indicator that the trend is about to breakout in the opposite direction. Palantir has been falling as of late, but has seen a trend of making higher lows. Tuesday’s decline may be more indicative of the broader markets showing weakness after rising inflation rates from higher than expected June CPI figures. After these premarket announcements, all of the major indices trended down throughout the day, as these macroeconomic events can drag all stocks down together.
Noted Palantir supporter and investor Cathie Wood of Ark Invest issued a warning to value stocks on Tuesday. The investor stated that deflationary forces in the economy will put value stocks ‘in harm’s way’. Wood has always been bullish on growth stocks like Palantir, and is widely considered one of the most forward looking fund managers in the financial world.
