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Palantir Technologies Inc. (NASDAQ: PLTR) is experiencing a potential bearish signal as its stock approaches a “death cross,” indicated by the 50-day simple moving average (SMA) nearing a crossover below the 200-day SMA. As of November 20, 2023, the 50-day SMA is approximately $180.92, while Palantir’s stock price stands at $166.50.
Technical indicators show declining trading volumes on down days, suggesting a broader market rotation away from AI and growth technology stocks. Despite current volatility, Palantir has garnered consistent revenue growth through new contracts, indicating resilience compared to other unprofitable tech stocks.
Investors are advised to watch for key support levels, particularly in the $160-165 range and the 200-day SMA, where institutional buying interest typically increases. Historically, previous death crosses in PLTR have been followed by significant rebounds in the following months.
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