Palantir (PLTR) stock soared 21% after the artificial intelligence (AI) platform business slightly topped Wall Street consensus for the third quarter and issued an upbeat forecast for the fourth quarter.
stock has surged more than 21% on Thursday following its Q3 earnings beat. Revenue and adjusted earnings in the quarter both beat consensus by a slight margin. Q4 outlook entices traders as revenue forecast is raised to a midpoint above $600 million. The artificial intelligence platform company grew its customer base by 34% from a year ago.
stock began experiencing resistance back in mid-October. A close above this $18 level will give bulls the chance of retesting the $20.24 from August 1. Previous to August 1, Palantir stock last reached that level in December of 2021 during the covid rally. stock is still technically in a downtrend until the 9-day Simple Moving Average breaks above the 21-day SMA. At the moment, there is a $1 space between the moving averages. Since June, the $13.50 to $14 region has acted as strong support, so traders should not expect a decline below that price band in the near future.
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