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Red day on Tuesday for Plug Power stock after losing 3.06%

StockInvest.us, 11 months ago

Plug Power

The Plug Power stock fell by -3.06% in the last day (Tuesday, 13th Oct 2020) from $17.64 to $17.10. and has now fallen 3 days in a row. During the day the stock fluctuated 4.71% from a day low at $16.77 to a day high of $17.56. The price has risen in 7 of the last 10 days and is up by 29.94% over the past 2 weeks. Volume fell in the last day along with the stock, which is actually a good sign as volume should follow the stock. In the last day the trading volume fell by -15 million shares and in total 24 million shares were bought and sold for approximately $407.15 million.

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

The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled.Given the current short-term trend, the stock is expected to rise 69.55% during the next 3 months and, with a 90% probability hold a price between $21.69 and $31.65 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 $17.32. On a fall, the stock will find some support from the long-term average at approximately $13.65. 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. Furthermore, there is a buy signal from the 3 months Moving Average Convergence Divergence (MACD). 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 it has fallen so far -7.22%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

On the downside, the stock finds support just below today's level from accumulated volume at $16.23 and $13.65.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 $16.23. If this is broken, then the next support from accumulated volume will be at $13.65 and $12.93.

This stock may move very much during a day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved $0.79 between high and low, or 4.71%. For the last week, the stock has had daily average volatility of 8.08%.

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.