Palantir Technologies (PLTR) shares hit another record high on Wednesday, as a cooling of global trade tensions has restored risk appetᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚite and investor enthusiasm for AI stocks. 

The latest surge in the company's stock comes after the U.S. and China agreed Monday to slash th💎eir tariffs on one another for 90﷽ days, with sentimen🐻t also receiving a boost earlier this week after Bank of America a𒉰nalysts called the AI analytics software provider a “market definer” for companies seeking to leverage artificial intelligence.

Palantir𝕴 shares rose 1.6% on Wednesday to around $130, marking the second consecutive day that the AI favorite has hit all-time intraday and closing highs.

The stock had fallen 6% last week as the company’s higher-than-estimated earnings and outlook♚ failed to meet investors’ lofty expectations. 💖However, the stock has nearly doubled from last month’s low amid a rebound in the AI trade and expectations that the firm’s software could benefit from ongoing e𓃲fforts to improve government efficiency.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on Palantir’s chart and identify major price levels that invest💧ors may ꦏbe watching.

Pennant Pattern Breakout

After forming a 澳洲幸运5官方开奖结果体彩网:piercing pattern early last month, Palantir shares have staged a sharp rally, climbing above the prominent February peak in the process. 

More recently, the price 澳洲幸运5官方开奖结果体彩网:consolidated within a pennant before breaking out in Tuesday’s trading session, indicating a continuation of the stock’s longer-term uptrend.

Meanwhile, the 澳洲幸运5官方开奖结果体彩网:relative strength index points to bullish momentum with a reading above the indicator’s neutral threshold, though it remains below 澳洲幸运5官方开奖结果体彩网:overbought levels, pro🦄viding ample room for further buying.

Let’s use 澳洲幸运5官方开奖结果体彩网:technical analysis to forecast where the AI software provider’s stock may be headed next and also identify major 澳洲幸运5官方开奖结果体彩网:support levels worth watching during potential retracements.

Bars Pattern Analysis

To forecast where the stock’s price may be headed next, investors can use bars pattern analysis, a technique that analyzes prior trends to predict future price movements.

When applying the analysis to Palantir’s chart, we extract the price bars comprising the stock’s trending move that immediately preceded the pennant and reposition them from the pattern’s breakout point. 

This projects an upside target of around $210 and indicates the moveꦯ may play out until early to mid-June if the current trend higher replicates the prior trend analyzed.

Major Support Levels Worth Watching

During retracements, investors should pay close pay attention to the $97 level, currently situated just above the 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA). The shares may encounter ꦉsupport in this area near the March peak, which closely aligns with brief period on consolidation that ♌formed on the chart in mid-April.

Finally, selling below this major level could see Palantir shares test lower support around $66. Investors may seek 澳洲幸运5官方开奖结果体彩网:entry points in this region near the close-by 200-day MA and a 澳洲幸运5官方开奖结果体彩网:horizontal line that connects last month’s low with the not⭕able January trough.

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