Palantir Technologies Inc (NASDAQ:PLTR) stock is trading lower on Wednesday after facing resistance at the 200-day moving average. Here’s what you need to know.
Palantir Technologies shares are sliding. What’s behind PLTR decline?
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While the stock experienced a sharp drop today, it comes on the heels of a major structural breakout that traders are watching closely. The stock has spent months locked in a distinct longer-term downtrend that capped every rally since price reached highs back in early November.
However, an aggressive surge last week allowed Palantir to break out above that multi-month downtrend, completely altering the near-term technical narrative.
