Palantir Technologies (PLTR) shares are likely to remain in the spotlight after jumping to a record high Tuesday following 澳洲幸运5开奖号码历史查询:bullish commentary from Ark Invest, which said that the analytics software provider could have further potential upside from the 澳洲幸运5开奖号码历史查询:artificial intelligence (AI) boom.

The technology-focused asset manager’s European managing director Rahul Bhushan told CNBC in an interview that 澳洲幸运5开奖号码历史查询:data analytics software names such as Palantir sit well positioned to capture AI 澳洲幸运5开奖号码历史查询:market share from tech giants as demand grows for customized data and AI services that tailor to clients’ specific needs.

Palantir shares rose 6.6% to $41.45 on Tuesday. The stock has gained 141% since the start of the year as of Tuesday’s close, jumping nearly 37% in the past month alone as it got a boost from its recent inclusion in the 澳洲幸运5开奖号码历史查询:S&P 500 index.

Below, we take a closer look at the 澳洲幸运5开奖号码历史查询:technicals on Palan൩tir’s chart and point out important price levels that investors may be watching.

Uptrend Continues

Since breaking out above an 澳洲幸运5开奖号码历史查询:ascending triangle in early July, Palantir shares have continued to trend higher apart from a brief early August 澳洲幸运5开奖号码历史查询:correction, with 💫gains accele💝rating last month after the software vendor’s entrance into the S&P 500.

Importantly, above-average 澳洲幸运5开奖号码历史查询:trading volumes have accompan𝕴ied the stock’s rally, indicating active buying from market-tracking funds.

However, the shares may see short-term profit-taking, given the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) flashes 澳洲幸运5开奖号码历史查询:overbought conditions and has formed a bearish 澳洲幸运5开奖号码历史查询:divergence with the price.

Let’s take a look at three important 澳洲幸运5开奖号码历史查询:support levels on Palantir’s chart and use technical 🌃analysis to forecast a potential bullish price target.

Important Support Levels to Watch

During an initial pullback, investors should eye the $32.70 level, a location on the chart just below the rising 50-day moving average where the shares may attract support near the August 澳洲幸运5开奖号码历史查询:swing high and the Sept. 9 澳洲幸运5开奖号码历史查询:breakaway gap’s opening price.

Selling below this level may see the shares fall to $29, where the price could encounter buying interest near a 澳洲幸运5开奖号码历史查询:trendline joining the July peak and September trough.

A deeper retracement could lead to a retest of the $25.50 region, an area where investors may look for 澳洲幸运5开奖号码历史查询:entry points around the ascending triangle’s top trendline, which appears to have flipped from 澳洲幸运5开奖号码历史查询:resistance into support.

Bullish Price Target to Monitor

To forecast a potential bullish 澳洲幸运5开奖号码历史查询:price target in the stock, we can use a bars pattern, a subjective chart technique that uses prior 澳洲幸运5开奖号码历史查询:price action to predict future moves. 

In this case, we’ll extract Palantir’s trend higher from May to August last year and position that move from the early August selloff low, which forecasts a prဣice targe⭕t of around $55.

We selected this prior move as it started from the lower trendline of an earlier ascending triangle on the chart, similar to how the stock’s current uptrend began.

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As of the date this article was written, the author does not own any of the above securities.