$PLTR (Palantir): Two ways to enter: buy-the-dip or the BREAKOUTPalantir Technologies Inc. Class ABATS:PLTRColdBloodedCharterPLTR (Palantir) update Last Sunday I outlined my potential entry strategy. The main timeframe, the weekly chart, still looks very promising. I wouldn't call it outright bullish just yet, because for that I'd like to see a weekly close above the $163-$165 area. If that happens, breakout targets above $200 become much easier to justify. I also mentioned on Sunday that I had no intention of chasing the ongoing pump. At the time, the stock had already rallied roughly 18% in just two days and looked overheated. More importantly, there was a strong confluence between the weekly 50 MA ($159) and the daily 200 MA (green line around $161.5). Two major moving averages lining up like that create a significant resistance zone. The rejection from the $159-$161 area was expected. We're seeing some cooling off for now, but there's a decent chance that move was only Elliott Wave 3 (or still is), which is why I've decided to take a shot here. This will be a leveraged trade though — I have no intention of becoming a long-term Palantir shareholder. - Strategy #1: Buy the dip I'm targeting the potential Wave 4 bottom, looking for a Wave 5 rally toward the $200-$220 region. The yellow rectangle on the 4-hour chart marks my preferred long zone between $143 and $148. I believe there's a good chance price won't go much below $139. My stop-loss plan is based on another confluence: the daily 50 MA around $142 and the 4-hour 50 MA around $139.4. Rather than using an automatic stop, I'll scale out manually in three steps, closing one-third of the position with each confirmed candle close below $140. This increases risk in the event of a major market crash, but it eliminates the risk of getting wicked out of a good long position by a single candle spike. Strategy #2: Trade the breakout The alternative setup is a breakout above the $161-$163 resistance zone. Entries can be tricky because moves through the 200 MA are often aggressive and leave little room to react. Because of that, I may place a trigger order around $165 that automatically opens a long position once price breaks through that level. To me, PLTR looks ready to continue its multi-year uptrend, so both strategies remain active and orders are waiting. Not financial advice. Just a blog. 💙👽