Palantir Technologies Inc. (PLTR) is experiencing a dip as profit-taking and year-end rebalancing impact tech stocks. The stock saw a 4.22% decline on Friday, followed by a 1.8% slide in pre-market trading on December 30, 2024. This downturn is part of a broader tech sell-off, with the Nasdaq 100 dropping 2.2% on Friday, influenced by declines in major tech companies like Tesla, Nvidia, and Microsoft. The sell-off is attributed to profit-taking, tax-loss harvesting, and year-end portfolio adjustments, affecting the tech-heavy indices.
Despite the recent pullback, Palantir's technical indicators remain strong. The stock has gained 376.96% year-to-date, with a 205.56% increase over the past six months. It continues to trade above key moving averages, signaling bullish momentum. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) indicators also suggest that the stock is not in overbought territory, indicating potential for future gains. Investors are considering whether this dip presents a buying opportunity, given Palantir's robust performance and technical strength.
The GraniteShares 2x Long PLTR Daily ETF (PTIR) is down 6.98% in pre-market hours on Monday, December 30, falling to $133.53 as of 8:46 AM ET.