Palantir continues to move within this upwards channel with fresh higher lows forming, leading to higher highs. After reaching the upper trendline of the channel around $33.11, the stock clearly found this resistance overpowering. Hence, the move lower over the last three weeks. In theory, based on the current trend, we may see a pullback towards the lower trendline once again. From a technical aspect, this is now more likely to be dragged lower if the markets decline due to September seasonality. The stock’s share price is currently trading around $29.86 a share in the pre-market, with the stock down 2.2% so far on the day. Based on a longer-term outlook, primary support sits along the lower trendline reading around $25. A break below would shift the focus to $20.82. Towards the upside, the primary resistance is this year’s high of $33.11. A break above this level would possibly unleash a rally towards the area of $35-$40, which is the high of 2021. Looking at the technical indicators, the MACD is starting to curve lower, meaning the likelihood for more downside is possible. But this does not indicate that a worrying sell-off is underway. The RSI is still positive as it reads 61, but it’s showing a similar movement to the MACD.