image source: palatir.com
Palantir Technologies (PLTR) surged around 7% in the premarket after the company said it won a $823 million contract to provide the Army with its Gotham platform, which is “an operating system for defense decision making and is specifically designed to connect the dots between disparate sources,”
Palantir said the platform will “support Army Intelligence users worldwide with a globally federated Intelligence data fabric and analytics platform spanning multiple security classifications.”
This is very good news for the company as it signal confidence and is the way forward in modernizing Army intelligence.
Image source: Tradingview.com 6th Oct 2021
Palantir is currently sitting around its horizontal support but its below its mid term uptrend line. With the news released, its looking to gap up above that uptrend support line and regaining its uptrend. If it can stay above that line of around $24.85 we might see more interest in Palantir to move it up to $28 and even to $30.
Its downside support is $21 and $17. Palantir is gaining traction and this is one stock that you might want to keep a keen eye on. Don’t miss it.