Plug Power stock upgraded to Buy Candidate.
(Updated on Aug 16, 2022)
Buy or Hold candidate since 2022-07-28 Gain 34.95% PDF
The Plug Power stock price fell by -2.57% on the last day (Tuesday, 16th Aug 2022) from $29.96 to $29.19. During the last trading day the stock fluctuated 5.83% from a day low at $28.58 to a day high of $30.25. The price has risen in 7 of the last 10 days and is up by 25.66% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -6 million shares and in total, 22 million shares were bought and sold for approximately $638.83 million.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $30.11 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 46.01% during the next 3 months and, with a 90% probability hold a price between $27.27 and $43.97 at the end of this 3-month period.
Signals & Forecast
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 $27.93 and $20.68. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month 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 sell signal was issued from a pivot top point on Monday, August 15, 2022, and so far it has fallen -2.57%. 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.
Support, Risk & Stop-loss
This stock may move very much during the 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 $1.67 between high and low, or 5.83%. For the last week, the stock has had a daily average volatility of 8.05%.
The Plug Power stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $27.93 (-4.32%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 83 and this increases the risk substantially. There is a sell signal from a pivot top found 1 days ago.)
Trading Expectations For The Upcoming Trading Day Of Wednesday 17th
For the upcoming trading day on Wednesday 17th we expect Plug Power to open at $29.34, and during day (based on 14 day Average True Range), to move between $27.38 and $31.00, which gives a possible trading interval of +/-$1.81 (+/-6.20%) up or down from last closing price. If Plug Power takes out the full calculated possible swing range there will be an estimated 12.40% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $29.54 (1.20%) than the support at $28.78 (1.40%), our systems don't find the trading risk/reward intra-day attractive and any bets should be hold until the stock is closer to the support level.
Is Plug Power stock A Buy?
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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.397Buy Candidate Upgraded
Predicted Opening Price for Plug Power of Wednesday, August 17, 2022
The predicted opening price is based on yesterday's movements between high, low, and the closing price.
|Fair opening price August 17, 2022||Current price|
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About Plug Power
Plug Power Inc. delivers end-to-end clean hydrogen and zero-emissions fuel cell solutions for supply chain and logistics applications, on-road electric vehicles, stationary power market, and others in North America and internationally. It engages in building an end-to-end green hydrogen ecosystem, including green hydrogen production, storage and delivery, and energy generation through mobile or stationary applications. The company provides proton... Read more
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