Palantir Technologies (PLTR.US) stock launched today’s session sharply higher after the software company announced that it won an $823 million Army contract to provide its Gotham platform, an operating system designed to optimize defense decision-making. “This capability will field modern data integration, correlation, fusion, and analytic capabilities that prepare the Army for the next fight against emerging near peer threats,” Palantir said in a release.
This is important news for Palantir, which has never reported an annual profit in the 17 years since it was founded as company revenues are largely dependent on contracts with government agencies. However despite the poor financial results, companies’ shares jumped 163% since the company went public over a year ago.
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Palantir (PLTR.US) stock launched today's session with a 8% bullish price gap, however buyers failed to uphold momentum and price pulled back. Currently stock is approaching a major support zone around $22.90 which coincides with 78.6% Fibonacci retracement of the last bullish wave and upward trendline. Should break lower occur, then downward move may accelerate towards support at $21.20. On the other hand, if buyers manage to regain control, then nearest resistance is located at $24.25 and is strengthened by 200 SMA (red line) and 61.8% Fibonacci retracement. Source: xStation5
