In a tumultuous day for the global markets, NYSE:PLTR fell 7.25 percent on Wednesday.
Palantir has broken through support and is now trading below its important 50-day moving average.
Another former Palantir executive has launched a public firm.
On Wednesday, NYSE:PLTR saw its one-day bullish turnaround rejected in a big way, as the data analytics behemoth dropped dramatically in tandem with a tumultuous day for the broader markets. During the day, Palantir’s stock fell 7.25 percent, closing the day below its 50-day moving average price of $24.13. Despite the fact that all three major indices ended the day higher, most investors did not believe it was a good day all around. Although Palantir was clearly not a part of that growth surge, mega-cap tech led the way, and growth sectors trounced value and cyclical stocks.
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In technical analysis, the 50-day moving average is a critical support level that is typically employed as a short-term performance indicator. Palantir’s stock held this level until Wednesday, when it fell below both the 50-day and 200-day moving averages, putting it below the 50-day and 200-day moving averages. With the next region of support in the $21.00 range, shares are in danger of sliding into bearish territory. Palantir might return to a downward trend into the mid-teens if that support also breaks.
Another former Palantir executive has a startup that is about to go public, demonstrating the company’s commitment to great leadership. Blend, a digital banking platform that focuses in mortgage finance, was co-founded by Nima Ghamsari. Ghamsari formerly worked at Palantir and is another executive who has built a successful new company. As Palantir expands its data analytics tools into other industries, don’t be surprised to see a future relationship between the two companies. Blend is aiming for a $4 billion valuation before it goes public./n
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