The Palantir share price is on its way to end the week lower. The stock has had a poor performance this Friday, dropping 1.22% as of writing after a report of sale of shares by a company exec hit the newswires.
According to an SEC filing to that effect, Palantir’s Chief Financial Officer, David Glazer, sold 72,000 shares worth $1.9million. Glazer is said to control 2,515,054 shares in the company, making his share sale a drop in the ocean compared to the amount he owns.
Also selling off some of the company’s shares was Cathy Woods ARK Invest, which sold 1.84 million shares on Thursday. The company still retains nearly 35 million shares. The share sales meant that the Palantir share price was under pressure from the get-go with so much stock on offer.
Bullish momentum needs to expand for the price to attain the 30.03 resistance barrier (22 February high). A further advance uncaps this level and brings 31.30 into the mix. This price level is the previous neckline of the resolved double top of 27 January and 9 February. 33.51 becomes a new target if the previous neckline is left unprotected by the bears.
On the flip side, a decline from current levels puts 27.50 at risk. The ascending trendline support comes under challenge if the price dips below 27.50. Only a breakdown of this trendline allows the bears access to additional downside targets at 24.26 and 22.61. 20.79 is the last barrier before multi-month lows at 17.16 comes into the picture.