Palantir (PLTR) shares are down almost -33% from their all-time highs only about two weeks ago, but price was up as much as +4.7% in early trading after the stock closed near a potentially significant source of price support. The move comes after William Blair this morning upgraded Palantir to Market Perform, as well as news that the intelligence software company formed a joint venture with TWG Global involving A.I. for the financial and insurance industries.

Although PLTR’s stock price has taken a hit recently, price has so far managed to close above a noteworthy technical area near 84 despite significant downside intraday swings. This price level represents not only old double-top highs that were shattered with the last earnings report on Feb. 3, but also is close to the 63-day Exponential Moving Average as well as the yearly Linear Regression Line (line of best fit used to consider fair value). Additionally, even though price moved below that ~84 level on an intraday basis, it also stayed above the previous relative lows near 78.50. These are all potentially supportive areas to watch, with another addition being the area of especially heavy trading as shown by the Volume Profile study near about 74. To the upside, some levels to consider include post-gap down highs near 99 and 109.

Examining the options market, the most active expiration in terms of open interest is Mar. 21 with 336,316 calls and 269,404 puts. There’s very heavy outlier interest at 120, 100, and 105 strikes on the call side, but activity is widely dispersed with open interest between about 10,000 to 12,000 spread out all the way from 65 to 160. As is often the case, there is less overall activity on the put side, but these expirations also show the same widely ranging high open interest between about 50 to 100.

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