Palantir Stock: Big Data, Big Gains

Benzinga

Christian Fromhertz, CEO of The Tribeca Trade Group, joined Benzinga's Premarket Prep to discuss some of the stocks he is currently invested in, with A.I. giant Palantir being one of them.

Transcript

00:00We haven't talked about Palantir too much on the show.

00:03We know it's a retail favorite, of course, breaking out recently.

00:08Is this one that you've been in or how have you been trading this one?

00:12This is another one that I added just about a week ago, very small allocation to my portfolio.

00:18It just has the strength.

00:19Obviously it was added to the S&P, but if you look at yesterday's candle on the daily

00:24chart, it just had a really nice performance yesterday in a market that was very choppy

00:31yesterday.

00:32It spent a little bit of time digesting after that S&P inclusion.

00:38I think it got a downgrade from a broker or something like that, but it's starting to

00:43turn back up.

00:44That's really what I pay attention to, is names that are in a nice trend, but then begin

00:50to digest.

00:51They move back to a 20-day moving average.

00:54I use value areas, so the top of value.

00:57It had a really nice daily candle, so if you go to your daily chart, you'll be able to

01:03see that.

01:04Then just zoom in on that candle right there.

01:06There you go.

01:07Right here.

01:08No, go to yesterday's.

01:09Yeah, right there.

01:10See how that's like a bullish engulfing candle?

01:16The price action started lower on the day and then it engulfed the previous red candle.

01:23For the day, that's a bullish sign.

01:27It tells me that it may be beginning to turn back higher again and resume that trend back

01:32up.

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