Palantir Technologies Inc. (NYSE:PLTR) stock dropped on Tuesday, primarily driven by profit-taking following a 7% surge during Monday's trading session.
On Tuesday, Nasdaq futures are down 0.74% while S&P 500 futures have gained 0.34%.
Palantir is scheduled to report second-quarter earnings on August 3. Wall Street analysts estimate earnings per share (EPS) of 33 cents and revenue of approximately $1.8 billion for the quarter.
For the prior quarter, Palantir reported EPS of 33 cents, beating the consensus estimate of 28 cents. The company also posted revenue of $1.633 billion, exceeding the consensus estimate of $1.54 billion.
Palantir has beaten EPS estimates in each of its last four quarters. The company raised its full-year 2026 revenue guidance last quarter to a range of $7.650 billion to $7.662 billion, implying 71% year-over-year growth, up from prior guidance of 61% growth.
On Friday, Citigroup maintained a Buy rating on Palantir while lowering its price forecast to $200.
Critical Support and Resistance Levels for PLTR Stock
PLTR is trading below its major trend gauges, with the price about 1.4% under the 20-day SMA ($128.83), 3.5% below the 50-day SMA ($131.64), 8.2% below the 100-day SMA ($138.41), and 17.5% below the 200-day SMA ($154.04). That "stack" keeps rallies vulnerable to selling into overhead supply, especially near the mid-$130s.
The bigger-picture trend remains pressured after the death cross in February (the 50-day SMA falling below the 200-day SMA), a classic longer-term bearish signal. Even after bounces, that backdrop often turns moving averages into resistance zones until price can reclaim them.
Momentum is more mixed: RSI is at 53.35, which is neutral and suggests the stock isn't especially stretched to the upside or downside right now. In plain English, RSI helps gauge whether a move is getting overheated; here it reads more like a range-bound tug-of-war than a one-way trend.
From a levels standpoint, traders are likely watching a tight band between nearby support and the first meaningful rebound ceiling:
- Key Resistance: $136.50, a nearby rebound-stall area that also sits close to the 100-day zone ($138.41), where sellers can reassert control
- Key Support: $122.50, a nearby floor that lines up with a recent pivot area, and a break could put the June swing-low region back in focus
PLTR Price Action: Palantir Technologies shares were down 5.86% at $123.82 at the time of publication on Tuesday, according to Benzinga Pro data.
Photo: PJ McDonnell / Shutterstock
