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so in this video we want to talk about palente here in particular how Stanley junken Miller who's a Wall Street billionaire initiated a stake in penter after selling all of his shares back in the middle of 2023 now the hedge fund manager bought roughly 770,000 shares P stock is now drunky Miller's 33rd largest holding all right so we're going to start with the monthly chart and we can see price hit a bottom back in April of last year and as price soared it created a monthly buy level and then it soared again hitting resistance at the $20 level before pulling back and typically what happens when either price goes up or down you have what's called the impulse move pullback impulse move pullback and now we're just waiting for the next impulse move higher scrolling down to the weekly chart you could see that a little better impulse move pullback impulse move pullback and now price sits just above what we're calling support now resistance again at this $20 band looking at things on the daily chart again you are at support but also what's worth noting is this 200 day moving average is slowly creeping higher and that's going to serve as Dynamic support so you have several confluences that suggest one can go long now although earnings is not until August so Stanley junen Miller is known as one of the best hedge fund managers of all time that means that when he buys something people listen during the quarter junken Mill funds Duc family office disclosed that he had bought back into paler after selling it out um of his position of 700,000 shares in q1 of last year this time around he got back in picking up 770,000 shares but it only accounts for 4% of his entire portfolio following the purchase panal stock is now his 35th largest 13th holding out of 73 total positions the drunken Miller first bought shares of the big data analytic ltic company in q1 2021 shortly after its IPO his initial stake total 5.98 million shares much larer than than his current position now drunken Miller operates as a short to medium-term investor he has an average 13f holding period of 2.2 9 quarters meaning that he is quick to take profits while hope hopping on to the next Trend now regarding paler Stand Out stock this year up 30% year to date during Q one the company raised its 2024 Revenue guidance uh and q1 revenue grew by 21% year-over-year so fundamentally bullish you have one of the big guys billionaire back in the take in the stock which is bullish and so the charts should suggest price is going to move higher now is a good opportunity to get on board thanks for watching subscribe please like the video
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