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A very strong day for Plug Power stock price on Wednesday

StockInvest.us, 1 month ago

Plug Power

The Plug Power stock price gained 12.79% on the last trading day (Wednesday, 13th Oct 2021), rising from $29.78 to $33.59. , and has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the day the stock fluctuated 5.88% from a day low at $31.79 to a day high of $33.66. The price has risen in 9 of the last 10 days and is up by 33.35% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 57 million more shares were traded than the day before. In total, 85 million shares were bought and sold for approximately $2.84 billion.

On Oct 13, 2021 "Morgan Stanley" gave "$40.00" rating for PLUG. The price target was set to $29.78+7.7%.

The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. $28.39 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach $33.05 sometime during the next 3 months.

Plug Power

The Plug Power stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $27.61 and $26.30. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, October 04, 2021, and so far it has risen 38.12%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

On the downside, the stock finds support just below today's level from accumulated volume at $28.18 and $26.00.There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Plug Power finds support just below today's level at $28.18. If this is broken, then the next support from accumulated volume will be at $26.00 and $25.90.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.87 between high and low, or 5.88%. For the last week, the stock has had a daily average volatility of 5.74%.

Since the Plug Power has been rising for 8 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Plug Power holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Check full Plug Power forecast and analysis here.