Plug Power – My Chart Of The Week
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My chart for this week is Plug Power (PLUG), as it offers us a number of lessons which you can see on the annotated charts. In addition, the stock appears to be holding up well in the current market meltdown, attracting a lot of volume to the news that Plug Power has an order to supply a one-gigawatt electrolyzer to H2 Energy Europe, a company that builds fuel cell solutions and hydrogen infrastructure.
However, the buying came in before the release of the news and after the waterfall on the daily chart.
There is also an interesting backstory to Plug Power, as the stock has also been the subject of a spectacular ‘pump & dump’ following a long period of consolidation, which we can see on the monthly chart. These cynical trap moves are so obvious once traders and investors understand the relationship between the price action and volume.
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Disclaimer: This analysis is my own personal opinion and is for educational purposes only. It is not a buy or sell recommendation.
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