Plug Power Stock May Have Bounced At Support: Technical Levels To Watch

Plug Power Inc. PLUG shares gapped up Friday after the company announced it completed the restatement of its previously issued financial statements for fiscal years 2018 and 2019.

The company also released quarterly filings for 2019 and 2020. Plug Power announced an earnings loss of 10 cents per share and net revenue of $7.2 million in 2020.

See Related Link: Why Plug Power's Stock Is Trading Higher Today

Plug Power Daily Chart Analysis:

• Shares saw a possible bounce near support and have since then moved higher.
• The stock is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock looks bearish.
• The price may find resistance near each of these moving averages in the future.

Key Plug Power Levels To Watch

• Plug Power is trading in a channel and the gap up Friday pushed the stock closer to the potential resistance line.
• The $19 price level acted as resistance previously, and on Tuesday, the stock may have bounced near this level.
• The $30 area has acted as resistance multiple times in the past and may again in the future.

What’s Next For Plug Power?

Bullish technical traders would like to see the stock break above the $30 resistance and consolidate above the price level. Consolidation will let the stock get ready to make another move.

Bearish technical traders would like to see the stock fail to hold the $19 support and start heading lower. If the price is able to consolidate for a time below the support, it may see a stronger push lower.

Photo courtesy of Plug Power.