PLTR support zone 185 hit

Support zone: close above is a hit. Close on the level is a push. Graded on the regular-session close.

A support zone is a price below the market where a large amount of options positioning sits. The idea is that this positioning can slow a move down there, so the test is simple: does the stock close above it? When it was posted at 10:25 ET, PLTR traded at 190, 2.7% above the support zone. On the same map, the next level above was 200 and the next level below was 180. See the original post.

Price never closed a 5-minute bar on the wrong side of the support zone. Its closest approach was 1.98 away (186.98); the session range was 186.98 to 209.05. In the last hour price moved up 18.82, from 190.23 to 209.05.

The regular-session close was 190.01, 5.01 (2.71%) above the support zone at 185. Under the rule (support zone: close above is a hit), that is a hit.

PLTR finished the day up 1.6%, while SPY was up 0.2%. We found no single clear company-specific catalyst for the day in our notes.