PLTR double top. Resistance held.
Why is this significant?
Looking back at the last two tops (today and November) you draw a horizontal line. Then draw an upward trend line from the last two bottoms. It's a potential triangle. And in triangles, you look for 5 points. If we can't get over today's high and sustain, the triangle is gone and we're bullish for higher. If not, we're building a potential ascending triangle and potential for a drop back down to cover the earnings gap is possible for the 5th point.
Ultimate support is now $16. Below that, the bullish has broken down, the triangle has broken down, and we are left with something new with the only hope being stick save and reversal.
Why is this significant?
Looking back at the last two tops (today and November) you draw a horizontal line. Then draw an upward trend line from the last two bottoms. It's a potential triangle. And in triangles, you look for 5 points. If we can't get over today's high and sustain, the triangle is gone and we're bullish for higher. If not, we're building a potential ascending triangle and potential for a drop back down to cover the earnings gap is possible for the 5th point.
Ultimate support is now $16. Below that, the bullish has broken down, the triangle has broken down, and we are left with something new with the only hope being stick save and reversal.