PLTR, TSLA and SMCI Forecast – Tech Stocks Wait for Powell

PLTR Technical Analysis

Palantir looks like it is going to open lower for the trading session on Friday, which is a bit interesting considering how much destruction this stock has seen. It’s just slightly lower, so I’m not overly worried about it, but it does seem like perhaps Palantir needs a little bit of confidence building. We formed a massive hammer during the trading session on Wednesday, and Thursday was a bit quiet, so it looks like Friday’s going to open up about where Thursday closed, maybe a little bit lower, and now we have to see whether or not the $150 level holds. If it does, then I think Palantir will eventually be fine.

TSLA Technical Analysis

The market for Tesla looks relatively flat as we wait for this major speech from Jerome Powell, as we sit right here at the 50 day EMA. The 50 day EMA is basically flat, and we are essentially in the middle of a larger triangle. So, I think this is a market that’s just killing time trying to figure out what to do with itself from a longer term standpoint. Because of this, I am very neutral on this market, but I do think ultimately Tesla probably rises. But at this point in time and at this part of the year with a lack of volume, I think Tesla’s going to struggle to be overly impressive.

SMCI Technical Analysis

Super Micro Computer looks like it’s going to open a little bit lower in the early part of the Friday session as well. And I think ultimately, we have a situation where traders are looking at this through the prism of a market that is essentially right in the middle of its consolidation phase. And therefore, you probably are going to be better off looking at this as a market that is probably best left alone, at least in this general vicinity. With that being said, I do believe that this market will eventually have to make a longer term decision, but we could drop all the way down to the $28 level, possibly even $20 before bouncing again. So, there’s no rush to get involved.

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