A nice set up here on the 4hr GoNoGo Chart of Palantir Tech. A strong “Go” trend has been in place since the beginning of November at a price just over $10. Having run all the way up to over $33, we have seen a pullback against the trend. This has shown some weakness with the “Go” bars painting the paler aqua color.
Concurrently, the GoNoGo Oscillator has fell to the zero line for the first time on December 2nd and has been riding the zero line which has caused the climbing grid of the GoNoGo Squeeze to rise to extremes. On the last bar, the oscillator is breaking out of the squeeze to the upside which could suggest a renewal of the “Go” trend. With this, we see a green low risk entry signal under the price bar.
We would like to see the oscillator stay above zero and volume to pick up (this would be visible when the oscillator turns dark blue). Look for price to test the $33 level once more.
By
Alex Cole
