Wednesday, March 17, 2021 4:59 PM EDT
Shares of Plug Power, Inc (PLUG) fell sharply today after the company said it would restate financial results. Investors always sell these because of the fear of fraud. It puts a cloud over the company until the restatement is complete. While I doubt there is any fraud, investors will likely continue to sell it in the near-term. Based on Plug Power stock chart analysis, the buy level is $25.50. This is a combination technical level of the daily 200 moving average and major gap fill. Once here, this stock becomes a strong buy for an upside move of over 25%.
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I don't agree that this is what will happen. Have more faith in $PLUG.