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Bears Stay Highly Skeptical on Palantir

Palantir in red

Palantir Technologies erased 7% gains after a recent pushback from $90M data news relating to the U.S. Army’s work to modernize the way it handles data and analytics, a contract by the U.S. Army to provide analytics for the service's Capability Drop 2 program. Big data analytics company Palantir is expanding its health- and defense-related work with its first major contract with the Department of Veterans Affairs. Palantir software Gotham Platform will be implemented to support Army Intelligence users worldwide with a globally federated Intelligence data fabric and analytics platform spanning multiple security classifications.

The deal will let the VA new tools integrate data from across its health and benefits systems into its Common Operating Platform (COP), a move Palantir claims will give leaders deeper insights into the services the department offers veterans. The value of the deal is $90 million over four years, according to Palantir officials who say the company say this contract marks the first full award the company has received.

Palantir's contracting offices span across the Office of Enterprise Integration, Veterans Health Administration and Office of Information Technology.

Palantir is trading below the eight-day and 21-day exponential moving averages, with bearish indicators. On Sept. 29, Palantir lost support of the 200-day simple moving average, which indicates overall sentiment in the stock is now ultra bearish.

Bears want to see Palantir break down from both the rising channel and the ascending trendline on big bearish volume. If the stock can’t hold the trendlines as support, it could fall toward $21.04 and below the level there is further support at $17.06, according to Yahoo stock analysis.

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