Palantir Technologies (PLTR) shares are likely to be in the spotlight on Monday after the Nasdaq announced late Friday that the analytics software provider, along with MicroStrategy (MSTR), and Axon Enterprise (AXON), had been 澳洲幸运5官方开奖结果体彩网:added to the Nasdaq 100 Index.

The stock’s inclusion into the 澳洲幸运5官方开奖结果体彩网:tech-heavy benchmark comes after it has more than quadrupled from the start of the year as of Friday’s close, boosted by growing demand for the software maker's customizable 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI) offerings. The company’s shares became eligible to join the index following a strategic move to the Nasdaq from the 澳洲幸运5官方开奖结果体彩网:New York Stock Exchange (NYSE) last month.

Below, we break down the 澳洲幸运5官方开奖结果体彩网:technicals on Palantir’s 澳洲幸运5官方开奖结果体彩网:weekly chart 🙈and identify key 🤪price levels that investors may be watching out for.

Cup and Handle Bullish Breakout Continues

Since breaking out from a multi-year 澳洲幸运5官方开奖结果体彩网:cup and handle pattern in August, Palantir shares have continued to trend sharply higher. 澳洲幸运5官方开奖结果体彩网:Trading volumes have supported the move higher, indicating bꦫuying p𒆙articipation from larger market participants.

The 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish momentum, though the indicator's elevated reading above 80 cautions 澳洲幸运5官方开奖结果体彩网:overbought conditions, which could lead to near t𒐪erm-priꦏce fluctuations.

Let’s apply 澳洲幸运5官方开奖结果体彩网:technical analysis to project a longer-term bullish 澳洲幸运5官方开奖结果体彩网:price target, while also pointing out key 澳洲幸运5官方开奖结果体彩网:support levels that may attract buying interest durin💯g retracements.

Chart-Based Bullish Price Target

To forecast a potential bullish price target, investors can use the 澳洲幸运5官方开奖结果体彩网:measuring principle, a chart-based technique that🎶 analyzes the cup and handle pattern to project a future move.

When applying the method to Palantir’s chart, we calculate the percentage change to the cup and handle’s “cup” and add it to the pattern’s top 澳洲幸运5官方开奖结果体彩网:trendline value. For instance, we add a 383% inc🌳rease to $29, which projects a target of $140.07, around 85% above Palantir’s closing price on Fri𝓀day.

Key Levels to Watch During Retracements

If 澳洲幸运5官方开奖结果体彩网:profit taking occurs, the stock initially could revisit support around $45, a location on the chart where investors may seek buying opportunities near a brief period of 澳洲幸运5官方开奖结果体彩网:consolidation in the stock during October. 

Finally, selling below this level could trigger a fall into a 澳洲幸运5官方开奖结果体彩网:zone of support▨ between $33 and $29. This area on the chart would likelꦜy attract buying interest near the cup and handle pattern's top trendline and the upward sloping 50-week moving average.

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