This morning, leading data integration and software solutions company, Palantir Tech Inc (PLTR), is falling after reporting earnings. The stock is trading lower by 8.8% to $24.37 a share. Palantir Tech Inc (PLTR) reported EPS in-line and guided Q4 revenue above consensus. Unfortunately, this news did not help the stock as the share price has now slipped below the important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and often signals further downside.
The next major chart support level for Palantir Tech Inc (PLTR) stock will be around the $18.00 area. This key level is where the stock was defended in May 2020. This key support area was defended with very strong weekly chart volume indicating it will be defended again when tested. This support level is also a major retrace area adding to the strength of the support level. There should be some minor support levels in play for Palantir Tech Inc (PLTR) stock before this key level is reached, but this area is worth keeping on the radar.
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