Plug Power Inc. Stock Forecast
Plug Power Inc. stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on May 16, 2024)
The Plug Power Inc. stock price fell by -2.92% on the last day (Thursday, 16th May 2024) from 3.11€ to 3.02€. During the last trading day the stock fluctuated 6.63% from a day low at 2.99€ to a day high of 3.19€. The price has been going up and down for this period, and there has been a 36.29% gain for the last 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 -432 thousand shares and in total, 251 thousand shares were bought and sold for approximately 758.69€ thousand.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -21.97% during the next 3 months and, with a 90% probability hold a price between 1.51€ and 2.67€ at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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PLUN.F Signals & Forecast
The Plug Power Inc. 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 2.79€ and 2.68€. 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 Tuesday, May 14, 2024, and so far it has fallen -12.59%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Plug Power Inc. stock
Plug Power Inc. finds support from accumulated volume at 2.96€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved 0.199€ between high and low, or 6.63%. For the last week the stock has had daily average volatility of 24.03%.
Our recommended stop-loss: 2.85€ (-5.66%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (PLUN.F) For The Upcoming Trading Day Of Friday 17th
For the upcoming trading day on Friday, 17th we expect Plug Power Inc. to open at 3.07€, and during the day (based on 14 day Average True Range), to move between 2.68€ and 3.36€, which gives a possible trading interval of +/-0.341€ (+/-11.27%) up or down from last closing price. If Plug Power Inc. takes out the full calculated possible swing range there will be an estimated 22.55% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 2.96€ (2.13%) than the resistance at 3.24€ (7.13%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Plug Power Inc. stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 1.268 Buy Candidate Upgraded
Predicted Opening Price for Plug Power Inc. of Friday, May 17, 2024
| Fair opening price May 17, 2024 | Current price |
|---|---|
| 3.07€ ( 1.55%) | 3.02€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PLUN.F
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.27 | 8.11 % | |
| R2 | 3.19 | 5.61 % | ||
| R1 | 3.15 | 4.06 % | ||
| Current price: | 3.02 | |||
| Support | S1 | 2.99 | -0.96 % | |
| S2 | 2.95 | -2.51 % | ||
| S3 | 2.87 | -5.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3.46 | 14.40 % | |
| R2 | 3.30 | 9.01 % | ||
| R1 | 3.24 | 7.13 % | ||
| Current price | 3.02 | |||
| Support | S1 | 2.96 | -2.13% | |
| S2 | 2.86 | -5.57% | ||
| S3 | 2.82 | -6.63% |
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