Can Palantir break above $180 or is a short-term reversal coming?
Palantir is gaining momentum again after clearing an important resistance level. Attention now turns to whether the rally can extend following yesterday’s Fed meeting or whether the market is ready for a pause.
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One of the key news announcements was Palantir's work with restaurant chain Chipotle. The chain is deploying Foundry as a food-safety risk assessment platform, which will analyze health inspection data, pest reports, and employee sickness data. Details about the size of the rollout, and how quickly the project will grow, have not been revealed. The announcement is mostly interesting as part of Palantir's move away from government contracts.
On September 16, there were also reports that Palantir is restricting the use of third-party generative AI models, such as Anthropic and OpenAI, with more focus on storing customer data and zero-data-retention requirements.
PLTR pushes higher after clearing $170 resistance
The bullish setup from the previous analysis played out. After breaking above $170 resistance, PLTR reached the $175 target.
For today’s session, $180 becomes the next upside objective. At the same time, the probability of a doji candle forming is increasing.
If such a pattern appears on elevated trading volume, the risk of a short-term correction over the coming days would rise noticeably.
The golden cross on the daily chart remains a positive signal, but it is also a significantly lagging indicator. Historically, PLTR has not always started rising immediately after one forms, so short-term traders should not rely on it as their primary signal.
Palantir shows resilience after the Fed
The Fed increased the interest rate by 25 basis points to 3.75-4.00% on September 16. The increase itself was anticipated by investors before the meeting. In this context, Palantir rose 1.03% to $174.34, while the S&P 500 decreased around 0.45%.
Since the rate increase was largely priced-in, the market was mainly looking for Chair Kevin Warsh's comments, which was mostly as expected and thus no big surprises. This avoided another dent to risk sentiment.
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