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Is Plug Power Ready To Change Trend?

April 16, 2021 1:17 pm
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Is Plug Power Ready To Change Trend?

Plug Power Inc. (NASDAQ:PLUG) is trading higher Friday, up 3.8% to $27.08 at publication time.

Below is a technical look at the chart.

Plug Power Daily Chart Analysis

plugdaily4-16-21.png

  • The stock is trading below the 50-day moving average (green).
  • The stock recently crossed below the 200-day moving average (blue), indicating the bearish sentiment in the stock.
  • These moving averages may hold as resistance in the future.

See Also: Here's Why FuelCell, Plug Power And Workhorse Are Moving

Key Levels To Watch

  • The stock looks to be forming into a falling wedge pattern.
  • The line connecting the highs is a potential resistance and the line connecting the lows may act as support.
  • This bullish reversal pattern could have the stock seeing a trend change if it's able to cross above the line connecting the highs.

What’s Next?

  • Bullish technical traders would like to see the stock break over the resistance line. A break above this level with consolidation may let the stock see a further push upwards.
  • Bearish technical traders would like to see the stock fail to hold the support levels. Bears would like to see the stock continue to stay below the moving averages.

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