Palantir (PLTR) looks poised to continue to climb going forward, Larry Tentarelli, chief technical strategist at the Blue Chip Trend Report, told Schwab Network late yesterday. Since the name did not break below its 100-day moving average during the market’s recent pullback, PLTR stock is likely to be one of the “leaders” as the market recover, the strategist contended. Also noteworthy according to Tentarelli is the fact that Palantir was “the only major AI stock” that did not fall below its 200-day moving average” during the market’s recent correction.
Two other names that appear to be strong at this point are Warren Buffett’s Berkshire Hathaway (BRK.A,BRK.B) and RTX (RTX), both of which hit new highs recently, the technician stated. Another name that Tentarelli touted was Spotify (SPOT) which, he said, remained above its 100-day moving average during the recent slump.
As far as the outlook for the stock market as a whole, the technician expects “wide trading ranges” through April 2, the day when the Trump administration is expected to release more details about its tariff policies. Starting on April 2, the market could enter a more “bullish” stage because investors generally like certainty and dislike uncertainty, Tentarelli stated.
“Once we know what the numbers are , I think you’ll see some relief,” he said.
Generally, however, he thinks that it will be “some time” before stocks will rebound a great deal.
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This article is originally published at Insider Monkey.
