On August 5, hours before its after-market earnings report, Mike Paulenoff posted a bullish alert on AI-juggernaut PLTR, writing:
"Bottom Line Technically: As long as any forthcoming weakness on a closing basis remains above key support lodged between 19.60 and 21.50, PLTR has the right look of nearing the completion of the correction from its 7/08/24 high at 29.83, and the initiation of another advance that will extend the upside potential off of a two-year base-accumulation setup."
The stock, trading at 23.70 at the time, went on to rally over the next month. It was trading at 33.93 on September 10, when Mike posted this follow-up:
"If I was bullish on PLTR during its May-July upleg from 20 to 30, my intermediate-term set-up work is even more bullish now (its inclusion in the SP500 Index certainly helps !...) My attached Daily Chart exhibits a powerful upside breakout (8/12/24) from a massive 3-1/2 year base-accumulation period and pattern that has triggered a series of upside target windows at 36-38 (almost met at today's high of 35.20), 42-44, and 49-51. My pattern analysis indicates that downside risk along the road to the higher targets is concentrated initially at 31.50-32.50, but in the volatile September-October seasonal period, I cannot rule out a bout of pullback weakness into the vicinity of the sharply up-sloping 50 DMA, now pushing north of 29.00 ahead of my expectation of another powerful advance. In other words, weakness from 32.50 down to 29.00 is considered fertile territory for new buying."
Fast-forward to last week. PLTR closed at a new 3-1/2 year high of 37.20, a 57% increase from Mike's August 5th alert and nearly 10% above his September 10th update.
What's next for PLTR? Is the advance exhausted, and where might a bout of weakness find new buying interest? If not, where is Mike's next higher optimal Target Window where profit-taking is highly likely?
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