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Green day on Wednesday for Plug Power

StockInvest.us, 11 months ago

Plug Power

The Plug Power stock gained 0.10% on the last trading day (Wednesday, 28th Oct 2020), rising from $14.79 to $14.80. , and has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the day the stock fluctuated 5.75% from a day low at $14.25 to a day high of $15.07. The price has been going up and down for this period, and there has been a -14.45% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 million more shares were traded than the day before. In total, 23 million shares were bought and sold for approximately $340.59 million.

On September 28, 2020 "Morgan Stanley" gave an "Equal Weight - Overweight" rating for PLUG. The price target was set to $14.00.

The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $13.77 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 51.62% during the next 3 months and, with a 90% probability hold a price between $20.87 and $30.02 at the end of this 3-month period.

Plug Power

The Plug Power stock holds a sales signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $15.03. On a fall, the stock will find some support from the long-term average at approximately $14.59. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sales signal. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sales signal was issued from a pivot top point on Friday, October 09, 2020, and so far it has fallen -19.70%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD).

On the downside, the stock finds support just below today's level from accumulated volume at $13.65 and $12.93.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 $13.65. If this is broken, then the next support from accumulated volume will be at $12.93 and $12.34.

This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.82 between high and low, or 5.75%. For the last week, the stock has had daily average volatility of 6.93%.

Plug Power is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Plug Power stock to perform well in the short-term.

Check full Plug Power forecast and analysis here.