While the second half of 2022 was off to a good start with PLTR exiting the descending channel it had been trading in since 2021, the stock's rally quickly ran out of steam.
The stock exited the descending channel on 6/21 with a rising window pattern, and rallied up 31% until 8/5. This rally appeared to form somewhat of an ascending channel, if you include the last month of the price action in the descending channel as well. Another way of looking at this rally is the stock trying multiple times to cross resistance levels around $10/share.
The stock corrected 36% from this rally, from the close on 8/5 to the close on 9/6. The stock's next attempt to rally brought it slightly above its previous window from 6/21, but the stock was unable to close at higher prices and thus continued on another descent.
Key Patterns
1H '22 - Descending Channel
6/21 - Rising Window (Exit from Descending Channel) 📚
8/8 - Falling Window (Exit from Minor Ascending Channel) 📚
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