Palantir Technologies (PLTR) stock fell again Tuesday to extend a swift and steep decline from record highs amid investor concerns that the U.S. government could cut spendin♋g on the analytical software company's services. 

The stock has tumbled 30% since setting its record high last Wednesday following a report that Pentagon officials had been ordered to cut the U.S. defeꩲnse budget by 8% annually for the next five years, a move that could negatively impact a key military contractor like Palantir.

However, some analysts argue the sell-off provides a 澳洲幸运5开奖号码历史查询:buy-the-dip opportunity, pointing out the company’s data analytics software st♍ands to benefit from a federal push to improve efficiency across go♈vernment agencies.

The stock was down about 3% at $88 in recent trading after falling more than 10% on Monday. Despite the recent selling, Palꦍantir shares trade 17% higher since the start of the ꦉyear and have gained roughly four fold over the past 12 months.

Below, we take a closer look at Palantir’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to poin🦋t out k𝄹ey price levels worth watching out for.

Accelerating Selling Momentum

Since a 澳洲幸运5开奖号码历史查询:bearish engulfing pattern marked the stock’s record high earlier this month, Palantir shares have moved sharply lower, with the price threatening to close the early February earnings-driven 澳洲幸运5开奖号码历史查询:breakaway gap.

Increasing 澳洲幸运5开奖号码历史查询:trading volume during the recent drop indicates selling conviction, while the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) indicator’s sudden drop from 澳洲幸运5开奖号码历史查询:overbought levels to below 50 also points to accelerating bearish moment꧂um.

Let’s locate several key 澳洲幸运5开奖号码历史查询:support levels where investors may look for buying opportunities if the shares continue to fall and also identify two important overhead areas worth eyeing during potential recove🐲ry efforts.

Key Support Levels to Watch

The first support level to watch sits around $85. A gap fill in this area could see investors seek 澳洲幸运5开奖号码历史查询:entry points near the popular 澳洲幸运5开奖号码历史查询:50-day moving average and prominent late-December peak

Selling below this level may see the shares revisit the $66 region. This area could attract buying interest around the January trough, which closely aligns with the top of a 澳洲幸运5开奖号码历史查询:pennant pattern that formed on the chart in late November.

A more significant drop opens the door for selling down to around $44. Investors could look to 澳洲幸运5开奖号码历史查询:accumulate shares in this location near the upper range of a 澳洲幸运5开奖号码历史查询:consolidation perio♕d that emerged on the chart during the second half of October prior to the stock’s early-Novemb﷽er gap.

Important Overhead Areas to Eye

During a recovery in the share price, investors should initially eye the $100 area. This location on the chart would likely attract attention near the 澳洲幸运5开奖号码历史查询:psychological round number and this month’s breakaway gap day low.

The bulls' ability to reclaim this important level could see the shares retest the $125 level, a location on the chart where investors who have bought at lower prices may look to 澳洲幸运5开奖号码历史查询:lock in profits near the stock’s 澳洲幸运5开奖号码历史查询:all-time high.

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