PLTR, APP and AVGO Forecast – AI Stocks Quiet in Premarket

PLTR Technical Analysis

Palantir has drifted a little bit lower in pre-market trading on Tuesday as we start to focus on whether or not support will hold somewhere around the $70, possibly $71 level. With that being said, we are going to be heading towards the jobs number at the end of the week, and that might have some participants a little bit hesitant, but you should also keep in mind this time of year is still a matter of building up liquidity and not everybody has come back to their desk regardless.

So, with that in mind, I don’t read too much into the price action at the moment, other than I believe Palantir is likely to enter some type of consolidation phase just above the $70 level, especially considering that the 50 day EMA is racing towards it.

APP Technical Analysis

Applovin is a little bit down in pre-market trading, but it is worth noting that it did break out during the early session on. Monday and then just kind of hung out around this $355 level I do see significant support all the way down to about $315 so I’m not really too concerned about the market falling significantly I think a pullback is probably healthy, but this looks like a market that More likely than not will have a shallow pullback at best the earnings call of course is the 12th of February, so we still have about a month. So, I expect more sideways to slightly upward action.

AVGO Technical Analysis

Broadcom is going to open up basically where it ended on Monday, as we continue to consolidate after this massive gap after the earnings and the earnings call. And now we just had a dividend of 59 cents, and we will wait for the next earnings call, the 27th of February. So between now and then, I do think that this gap has to be paid close attention to.

It could open up serious support near $211.50, and then the bottom of the gap near $185.50. That being said, I think pulling back to the bottom of the gap would be a pretty big sell-off. So as things stand right now, I do expect a little bit more profit taking, maybe more of a grind lower, but I certainly wouldn’t short this market. It’s not one that’s showing that type of negativity.