Palantir and Salesforce put software's rebound on trial: AlphaCheck

Palantir and Salesforce put software's rebound on trial: AlphaCheck Jared Blikre Tue, June 23, 2026 at 6:58 PM GMT+2 2 min read PLTR CRM Palantir's ( PLTR ) chart just cracked. Salesforce ( CRM ) is still sliding toward its next test. Palantir stock dropped to a one-year low Monday and continued to edge lower Tuesday morning, putting it on track for a fifth straight decline.

Salesforce stock is posting a small bounce, setting up to snap a 14-day losing streak, the worst run in the stock's history. The charts still look rough. Palantir's first line is near $125, the old floor of its prior trading range.

Bulls need the stock back above that level fast to argue the breakdown was a bear trap , or a failed move lower that forces sellers to chase the stock back up. This embedded content is not available in your region. That is not happening yet.

The stock has struggled to bounce from current lows. The 200-day moving average — the purple line in the chart above — has rolled over to the downside, and the daily relative strength index , or RSI — at the bottom of the chart — has not yet declined to levels that would suggest a strong bounce is near. RSI is a momentum gauge, and readings below 30 are often treated as oversold .

But buying on oversold readings works better when the larger trend indicated by the 200-day moving average is still rising. Palantir's is not. Salesforce is a slower version of the same problem.

The stock has fallen to fresh three-year lows over the past few sessions, with its 40-week moving average sloping lower. The 40-week average is roughly the weekly chart version of the 200-day average, since there are about five trading days in a week. This embedded content is not available in your region.

The next potential floor is around $125 to $130, but even that comes with a warning. If weekly RSI pushes below 30 into that zone, it would mark a fresh four-year low in that momentum gauge, which makes any bounce look more suspect. This is the trap software investors have seen before.

In a downtrend, rallies fade, dip buyers get punished, and old support can turn into new resistance. The broader software group is not helping. The iShares Expanded Tech-Software Sector ETF ( IGV ) is down about 13% this month, 17% this year, and 25% below its closing high, according to AlphaSpace data.

The software comeback bid was already fading before the latest AI rout hit the tape. For Palantir, the line is $125. For Salesforce, it is $125 to $130.

Until those levels are reclaimed or defended, software's rebound is still awaiting a verdict. Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at @SPYJared or email him at jaredblikre@yahooinc.

com.