Palantir Technologies, Inc (NYSE: PLTR) continued its ascent higher on Thursday after being boosted on Wednesday by news the company was awarded a $250 million contract from the U.S. Department of Defense.
Wednesday’s move higher confirmed a new uptrend was in the cards for Palantir because the stock printed a higher high after forming a higher low on Monday.
An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
The higher highs indicate the bulls are in control, while the intermittent higher lows indicate consolidation periods.
Traders can use moving averages to help identify an uptrend, with rising lower time frame moving averages (such ...