Palantir Technologies (PLTR) shares gained ground on Tuesday as the stock took a breather from a three-week slump that has seen the AI investor favorite lose more than a third of its market va🎃lue.

The company, a key software contractor to the U.S. Government, has seen its shares come under significant pressure in recent weeks after a report surfaced last month that the 澳洲幸运5官方开奖🍃结果体彩网:Pentagon plans a reduction in mili🐠tary spending. More recently, broader selling across tech stocks amid 澳洲幸运5官方开奖结果体彩网:tariff uncertainty and talk of a potential recession have dented investor con💖fidence.

Still, some analysts remain bullish on Palantir’s outlook, arguing that the company’s suite of AI-powered analyti൲cs software places it in a position to benefit from efforts by the Trump White House to improve government efficiency.

Palantir shares rose 2.2% to close at $78.05 on Tuesday, rebounding from the previous session's 10% decline. The 澳洲幸运5官方开奖结果体彩网:stock has fallen 38% since hﷺitting a record high three weeks ago, but the price is still three times what it was a year ago.

Below, we take a closer look at Palantir’s 澳洲幸运5官方开奖结果体彩网:weekly chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to id🍸entify crucial price levels that investors may be𒅌 tracking.

Retreat From Record High

After a 澳洲幸运5官方开奖结果体彩网:bearish engulfing pattern signaled a record high in the stock last month, Palantir shares have moved lower on increasing 澳洲幸运5官方开奖结果体彩网:trading volume, with bearish 澳洲幸运5官方开奖结果体彩网:price action continuing into this week. 

Despite the recent decline, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) index remains above the key 50 threshold and sits in a location that has generally corresponded with the low of several key 澳洲幸运5官方开奖结果体彩网:retracements on the chart dating back to early 2023.

Let’s identity three crucial 澳洲幸运5官方开奖结果体彩网:support levels to watch amid the potenti🍌al for further selling, while also pointing out several important overhead areas to monitor during possible upswings.

Crucial Support Levels to Watch

The first lower support level to watch lies around $66. The shares could encounter buying interest in this area near a period of brief 澳洲幸运5官方开奖结果体彩网:consolidation inಞ early November, which also aligns with the mi🔯d-January trough.

Further selling may see the shares fall to the $44 level. This location on the chart, currently just below the rising 50-week moving average, could provide support near a range of 澳洲幸运5官方开奖结果体彩网:sideways drift that preceded the stock’s post-election surge.

A more significant 澳洲幸运5官方开奖结果体彩网:correction in the shares could bring the crucial $30 level into play. Investors may look for 澳洲幸运5官方开奖结果体彩网:entry points in this region near last year’s July peak and September trough.

Important Overhead Areas to Monitor

During upswings in the stock, investors should initially monitor the $85 level. The♑ shares could 🥀run into selling pressure in this area near last week’s closing price, which also corresponds with the stock’s late-December peak.

Finally, a recovery above this level could instigate a rally to around $121, a location on the chart where Palantir shares may face 澳洲幸运5官方开奖结果体彩网:resistance near the high of the bullish engulfing pattern’s first bar and the 澳洲幸运5官方开奖结果体彩网:opening price of its second bar.

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