Planet Labs (PL) Price Forecast: Breakout Watch Above Key Resistance
Author: Bruce Powers
Published: March 18, 2026
Key Points
- Bullish outside week signals potential trend continuation.
- Five-week advance follows 50% retracement support.
- Rising channel forms at converging moving averages.
- Volume expansion supports early breakout attempt.
- $27.57 breakout key; $23.66 defines downside risk.
Market Context
Planet Labs PBC (PL) has demonstrated notable relative strength amidst broader market pressures. The company, which operates the largest fleet of Earth-imaging satellites, is benefiting from consistent demand linked to defense and intelligence applications, which is helping to sustain its bullish trend.
Technical Analysis
Weekly Chart Insights
This week, PL formed a bullish outside week on the weekly chart, indicating potential continuation if confirmed. A weekly close above last week’s high of $26.92 would validate this pattern. As of Wednesday, the stock reached a high of $27.09 and is on track to achieve its highest weekly close in eight weeks, surpassing the previous mark of $25.28 set two weeks ago. This reinforces improving momentum across higher time frames.
Pullback and Support Levels
The current advance marks the fifth consecutive week of gains following a February pullback low of $19.98, which completed a 50% retracement of the prior upswing. Support was maintained around the 50-day moving average throughout the correction, indicating underlying demand. The 50-day average has continued to act as a reliable support level, including a successful test earlier this week.
Price Action and Moving Averages
Since the February low, price action has developed into a tight rising channel, with the 50-day moving average aligning closely with trend support. The convergence of the 20-day moving average with the 50-day line strengthens the significance of this support zone, indicating a compression phase that often precedes expansion phases, especially when accompanied by rising momentum.
Volume and Breakout Potential
Early signs of a potential breakout are emerging. A recent session saw a successful test of both the 20-day and 50-day averages, followed by a strong advance to a new closing high of $27.08 for the current leg up, supported by an increase in volume to a seven-day high, indicating growing participation on the upside.
Key Levels to Watch
A decisive breakout above the recent swing high at $27.57 from two weeks ago would further confirm bullish continuation and potentially trigger the next leg higher. Until then, the trend remains constructive, with clearly defined risk levels. The higher swing low at $23.66 marks a key downside threshold, while the rising 20-day ($25.19) and 50-day ($24.76) moving averages provide nearby dynamic support levels to monitor for pullback entries or signs of trend weakness.
Conclusion
Planet Labs is positioned for potential bullish continuation, with key technical indicators suggesting a favorable outlook. Traders should monitor the defined resistance and support levels closely to gauge the next moves in PL's price action.