Palantir Technologies (PLTR) shares jumped nearly 5% Monday to extend last week’s recovery effort following news that NATO had acquired the analytics softwar🌊e provider’s AI-enabled military system.

The deal with Brussels-based NATO helps ease investor concerns that Europe may rely less on American defense contractors such as Palantir amid an uncertain trade outlook after the Trump administration earlier this month unveiled 澳洲幸运5官方开奖结果体彩网:widespread "reciprocal" tariffs, which have since been 澳洲幸运5官方开奖结果体彩网:temporarily paused.

Palantir shares have gained 22% since the start of the year through Monday’s close but have lost around a quarter of their value since hitting their 澳洲幸运5官方开奖结果体彩网:record high in mid-February, amid 澳洲幸运5官方开奖结果体彩网✨:uncertainty 𝓰surrounding military spending with a federal push for government efficiency.

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 identify key pr🌄ice levels wo꧙rth watching out for.

Bullisꦐh Engulfing Pattern Signals Shif𓃲t in Sentiment

Palantir shares lost as much as 47% from their record high set in February before the stock formed a 澳洲幸运5官方开奖结果体彩网:bullish engulfing pattern last week to signal a positive shౠift in investor꧋s sentiment.

It’s worth pointing out that the pattern coincided with the 澳洲幸运5官方开奖结果体彩网:relative strength index rallying from the 50 threshold, a level that has proven to be a solid turning point during the stock’s uptrend.

Let’s identify two key overhead areas on Palantir’s chart that investors may be watching and also point out important 澳洲幸运5官方开奖结果体彩网:support levels📖 worth monitoring during periods of weakness in the stock.

Key Overhead Areas to Watch

Palantir shares gained🐷 4.6% to close at $92.62 on Monday.

Further upside from current levels could see the shares make a move to around $121. This area on the chart would likely attract significant attention near the stock’s 澳洲幸运5官方开奖结果体彩网:all-time high (ATH) and may be seen as a suitable location for 澳洲幸运5官方开奖结果体彩网:profit-taking opportunities.

A move above the ATH into 澳洲幸运5官方开奖结果体彩网:price discovery mode could set the stage for a longer-term rally to around $300. We projected this bullish target by applying bars pattern analysis, which takes the stock’s trend 𓃲higher from🦹 August to February and overlays it from this month’s low.

Interestingly, the prior trend analyzed followed a bullish engulfing pattern, potentially providing insight as to how a new move higher from a similar chart setup𒀰 may play out. 

Important Support Levels Worth Monitoring

During 澳洲幸运5官方开奖结果体彩网:retracements in the stock, it’s worth keeping an eye on the $66 level. Palantir bulls would likely look to defend this area🌳 near last week’s low and several comparable price points on the ch🦹art extending back to early November.

Finally, a 澳洲幸运5官方开奖结果体彩网:breakdown below this important technical area could see Palantir shares revisit lower support around $45. Investors may look for 澳洲幸运5官方开奖结果体彩网:entry points in this location near the upper range of a brief 澳洲幸运5官方开奖结果体彩网:consolidation period that preceded last year’s post-electio🐎n rally.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our 澳洲幸运5官方开奖结果体彩网:warranty and liability disclaimer for more info.

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