Plug Power Inc. PLUG and Fuel Cell Energy Inc. FCEL are two energy stocks that saw share price gains Wednesday.
Here's a look at the stock charts.
Plug Power Daily Chart Analysis
- Plug Power is nearing the end of what technical traders would call a falling wedge pattern.
- The stock is trading below both the 50-day moving average (green) as well as the 200-day moving average (blue), indicating sentiment in the stock has been bearish.
- Both of these moving averages may hold as an area of resistance in the future.
Key Plug Power Stock Levels To Watch
- The stock has been falling in the last couple months, forming what technical traders may call a falling wedge pattern.
- This pattern is considered a bullish reversal pattern, as connecting the highs shows a much steeper drop compared to connecting the lows of the chart, forming a wedge.
- A break above the line connecting the highs may signal the stock is changing trends and ready to start heading back up.
- A break below the line connecting the lows could bring about a stronger downward push.
- Fuel Cell looks to have formed a head-and-shoulders pattern and is now nearing another key support level.
- The stock is trading below the 50-day moving average (green) and above the 200-day moving average (blue), indicating the stock is most likely facing a period of consolidation.
Key Fuell Cell Stock Levels To Watch
- The head-and-shoulders pattern occurs after the stock pulls back steeply and buyers are unable to push the price to new highs.
- This bearish reversal pattern can be confirmed when the price is able to cross below the support levels formed by buyers.
- The $7.50 level is an area where the stock has been able to find buyers before. Bulls are looking to see the price bounce here and move higher. Bearish traders would like to see this support level fail to hold.
Both Plug Power and Fuel Cell belong to the Fidelity Covington Trust ETF FIDU.
See also: How to Buy Plug Power (PLUG) Stock
Photo courtesy of Plug Power.
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