PLTR: Initial Long on the 20-Week Reclaim, with Earnings as the Pivot

Rachel Kensington

Senior Equity Analyst · Blue Ocean Trading Solutions

Technical Overview

Palantir (PLTR) reclaimed its 20-week EMA at $151.82 on Wednesday, closing at $152.61 with price confirming above the 10-day EMA at $144.55. That combination — price crossing the higher-timeframe EMA with the 10-day confirming on the same bar — qualifies this as an Initial long signal, the first fresh bullish entry since the late-March selloff wiped out a run that topped at $207 in January.

This isn't a breakout into clean air. It's a reclaim — and those are often the most durable entries because they require the market to re-commit to a thesis that just got tested. The tape did three things on Wednesday that matter: it rallied +4.56% on the day, outpacing both the sector and the S&P; it closed on the highs at $152.62 with volume of 43.5 million shares (roughly 82% of the 53.1M average — slightly under but not thin); and it established that the $128 low on April 10 was the reversal pivot, not the midpoint of a deeper drawdown.

The structural backdrop matters. PLTR's weekly close sat at $152.62 on April 22, right at the 20-week EMA inflection, and the weekly bias is flipping from neutral back to bullish. Daily RSI at 57.82 is constructive without being overbought — there is room for this move to extend before it runs into momentum resistance. The prior weekly swing high at $207 sits as the upside magnet, but the first meaningful resistance zone is the January consolidation around $175-$185. This is a setup for the reclaim to work, with a framework target at $198.88 (the prior weekly swing high) and a daily swing stop at $126.23.

We took the long at the close. The rest of this report is the fundamental and contextual case for why this reclaim is structurally different from the mid-February bounce that failed.