Palantir Climbs Higher Following $250M Government Contract: The Bull, Bear Case
Palantir confirmed a new uptrend on Wednesday by forming a higher high.
Bullish traders want to see the stock regain the 50-day SMA.
Palantir Technologies (PLTR) continued its ascent higher last week after being boosted on Wednesday by news the company was awarded a $250 million contract from the U.S. Department of Defense. The work is estimated to be completed by Sept. 25, 2026. Wednesday’s move higher confirmed a new uptrend was in the cards for Palantir because the stock printed a higher high after forming a higher low on Monday.
An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart. On Thursday, Palantir opened above the 8d exponential moving average (EMA) and rose from the area to test resistance at the 50-day simple moving average.
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