PLTR, COIN and SMCI Forecast – Popular Tech Stocks Struggling a Bit in Premarket

PLTR Technical Analysis

Palantir looks like it’s going to gap lower to kick off the trading session here on Wednesday, but we are approaching the 50-day EMA as well as the psychologically and structurally important $150 level. Keep in mind that Palantir is basically a proxy for Bitcoin at this point. And in fact, most people who trade Palantir probably don’t even know what they actually are supposed to be doing. So, it is going to move with the fortunes of Bitcoin itself. Bitcoin is trying to fight back, but it hasn’t shown a lot of momentum after its recent sell-off. So, I do think that if Bitcoin does start to rally rather significantly, then Palantir might be a play that traders are willing to take on.

COIN Technical Analysis

Coinbase looks like it is going to open slightly higher as we continue to consolidate after that nasty gap lower. The $340 level continues to be a bit of a ceiling and the area right around $300 continues to be support. If we break down below the $300 level, the $270 level is where the 200-day EMA sits, and therefore I think you’ve got a situation that, I think, eventually you’ll find enough value to get involved in this market. But right now, it looks like you’re probably better off waiting for some signs of strength.

SMCI Technical Analysis

Super Micro Computer has dropped a bit in pre-market trading on Wednesday, but it is still very much in the same consolidation area. So quite frankly, I think what you’re waiting for is the market to stop falling and for it to bounce again. The latest earnings call, of course, about two weeks ago, almost three weeks ago, was worse than anticipated. Not a huge surprise. That’s been the pattern here for a while.

But really at this point in time, I think somewhere around $35, it becomes interesting again, as far as buying here. If we cleared the 50 day EMA, maybe I might, on the idea that it will eventually break out of the range, but this looks like a market that if you just give it a few weeks, you can probably buy the bounce.

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