A Bullish Take On The Palantir Stock Chart

Palantir Technologies Inc. (NYSE:PLTR) announced Monday that the company was selected by the National Nuclear Security Administration for a five-year, $89.9-million contract.

The contract is for the NNSA's Safety Analytics, Forecasting and Evaluation Reporting Project. 

The Palantir Chart: On the Benzinga YouTube show "Get Technical," Neal Hamilton analyzed the chart and said he's bullish for a few reasons, including the double bottom pattern.

If Palantir closes a session above the 50% line — referring to the Fibonacci retracement level — Hamilton said he's targeting $26.80 for a short-term trade.

"The reason for that is that we have hit the middle point of our rounding bottom and we are targeting the neckline," he said. 

"If we break above that, you are going to run into resistance at the 50-day moving average."

See also: How to Buy Palantir Technologies (PLTR) Stock

If the stock breaks above the 50-day moving average, Hamilton said he's looking for Palantir to make a move to $32-$33 per share. 

Palantir's Upcoming Event: Palantir recently announced an upcoming event, "Double Click," in which the company will showcase how its platforms are used across industries and customers. 

The event will take place on Wednesday, April 14. You can register for the event here.

PLTR Price Action: Palantir shares were up 1.99% at $23.53 at last check Monday. 

Image by Daniel Agrelo from Pixabay.