Palantir Stock Surged To A New Record Last Week—Watch These Key Price Levels

Key Takeaways

• Palantir shares hit a new record last week after reporting a strong 2025 outlook and integration of Grok with its AI platform.
• Bars pattern analysis forecasts a longer-term target of around $240 and indicates the uptrend may last until November this year.
• Investors should watch key support levels on Palantir’s chart around $85 and $66.

Palantir (PLTR) shares will likely remain in focus Monday after having a solid last week. The company’s stock soared to a new high after investor optimism around its strong 2025 outlook and integration of Grok, the chatbot from Elon Musk’s xAI, into its artificial intelligence (AI) platform.

Since the company’s upbeat results last Monday, several analysts have raised their price targets on the stock, which has fueled this price rise.

The stock, which became a component of both the S&P 500 and Nasdaq 100 index in 2024, trades nearly 50% higher since the start of the year through Friday’s close and has returned an eye-popping 370% over the past 12 months amid soaring demand for its AI-powered analytics software that allows customers to make more informed data-driven decisions.

Below, we take a closer look at the technicals on Palantir’s weekly chart and identify key price levels that investors will likely be watching.

Rectangle Formation Breakout

Palantir shares staged a decisive breakout above a rectangle formation last week, signaling a continuation of the stock’s longer-term uptrend.

Importantly, the move occurred on the highest weekly trading volume since early February last year, indicating strong buying conviction by larger market participants. Moreover, the relative strength index (RSI) confirms bullish price momentum with a reading above 80, though the indicator also flashes overbought conditions that raises the possibility of near-term profit taking.

Let’s apply technical analysis to forecasts how a longer-term bullish continuation move may play out and also point out key support levels worth watching during potential retracements.

Bars Pattern Analysis

To forecast how a continuation move in Palantir shares may look, investors can use the bars pattern tool, a technique that analyzes prior trends to speculate future directional movements.

When applying the analysis, we take the stock’s trending move from February to November last year and reposition it from last week’s breakout. This forecasts a target of around $240 and indicates the uptrend could last until November this year based on price history. To put things in perspective, that’s more than double the $110 level the stock closed at on Friday.

We selected this prior trend as it followed a volume-backed earnings-driven breakout from an earlier rectangle formation on Palantir’s chart, potentially providing insight as to how a similar move may take shape.

Key Support Levels to Watch

During pullbacks, investors should initially watch the $85 level. Investors who prefer not to chase breakouts may look for entry points on a retracement to the rectangle formation’s top trendline, which could flip from resistance to support.

Finally, selling below this level could see Palantir shares revisit lower support around $66, a location that may attract buying interest near the rectangle’s lower trendline.

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As of the date this article was written, the author does not own any of the above securities.