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Quick Profits: Day Trading Palantir by Buying Near Support and Selling at Resistance

One of the keys to successful trading is leveraging technical analysis to identify opportunities between support and resistance levels. Today, I applied this strategy to Palantir (PLTR) in a quick day trade. After buying at $78 near support, I sold at $80.69 near resistance, locking in a tidy profit. 💰

📉 Buying Near Support

Last night, I noticed that PLTR’s price was approaching the $78 support level. This area had consistently shown strong buyer demand, making it a reliable entry point. Confident in this setup, I placed a buy order at $78 and went to sleep, trusting the market would reward this calculated move. 🛒

📈 Selling at Resistance

When I woke up, PLTR’s price had climbed to $80.69, a level close to short-term resistance. Resistance zones are ideal selling opportunities because prices often face difficulty breaking higher. Seizing the chance, I sold my position, securing a profitable trade. 🚀

📊 Strategy Breakdown: Buy Support, Sell Resistance

This trade highlights the effectiveness of the support-and-resistance trading strategy:

1️⃣ Buying Near Support: Entering at a key support level minimizes downside risk while maximizing potential upside.

2️⃣ Selling at Resistance: Taking profits near resistance locks in gains before potential pullbacks.

3️⃣ Disciplined Execution: Sticking to a pre-planned strategy ensures logical decision-making, free from emotional bias.

⚠️ Disclaimer

This article reflects my personal trading experiences and strategies. It is not financial advice. Trading stocks and implementing specific strategies involve risks, and you should make decisions based on your own risk tolerance. Consider consulting a professional financial advisor if needed. 💡

By adhering to the buy-support, sell-resistance principle, I continue refining my approach to trading and investing. This strategy not only suits day traders but also offers valuable insights for long-term investors seeking better entry and exit points. 📈