Photo courtesy of Palantir. 

Palantir Technologies Inc (NYSE: PLTR) is past the point of control from a technical standpoint, host Neil Hamilton said Wednesday on Benzinga's YouTube show "Get Technical." 

When the stock passed the point of control, "it became a buy for me", Hamilton said. 

Hamilton charted the "point of control" using a volume profile Tuesday on "Get Technical." 

The volume profile shows the area of control, which Hamilton said is where most of the buying and selling occurs. 

Hamilton was looking for a session close above that point on higher than average volume, as seen on the Palantir chart at the close Tuesday. 

Palantir has a great story and "it's a great long-term holding," Hamilton said. 

Palantir Events: Palantir is holding the first in a series of  "Double Click" events Wednesday at 11 a.m. ET, in which the company will showcase its "Foundry" product.

PLTR Price Action: Palantir was down 2.75% to $24.72 at last check Wednesday.