Palantir trades down close to 15% on defense spending cuts ...Middle East

You can argue that the software that Palantir provides might be what the Pentagon needs to cut costs and increase efficiency. You can also argue that shares of Palantir shares have increase by close to 100% since the January 13 low to the new high today(around 98%). That's a big run in 25 trading days.

The low price from February 12 came in at $109.87 (its moved below that already). The rising 100 hour moving average comes in at $106.43 and the 38.2% retracement of the move up from the January 13 low at $101.95 are the next downside targets. The last time the price traded at $106.42 was on February 5th. Even I can remember that far ago.

This article was written by Greg Michalowski at www.forexlive.com.

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